Nonprofits to report every dollar, the era of fiscal sponsorship ‘Black Holes’ coming to an end

WASHINGTON, D.C.—The U.S. Department of the Treasury on April 23 announced that the Internal Revenue Service (IRS) will revise Form 990, the annual information return filed by tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code, to require the reporting of government contracts, government grants, and fiscal sponsorship arrangements to boost transparency, strengthen oversight, […]