I love being pleasantly surprised, don’t you?
Last week, two tax professionals from the Internal Revenue Service visited the Commonwealth for the first time. Providing workshops on “staying exempt” in Louisville and Lexington, they also enjoyed their first hot brown and marveled at our beautiful bluegrass state.
I’m not sure what I expected from these two men, but their focus on what your nonprofit can do versus what it can’t was a pleasant surprise. Their key points were right on target with a few key points we think are critical myths that could cripple our nonprofit sector. You’ve seen me blog about them here, we’ve talked about them in our Best Practices Hub and I tweeted them live from the workshops last week:
- Myth busting again w/IRS in Lexington: “A large salary for nonprofit CEO isn’t always excessive-some jobs require this to be competitive.”
- IRS says understanding independent contractor issues key to ‘staying exempt.’ #KYNonprofits
- IRS busting another myth – lobbying is not illegal! Nonprofits need to know the rules & get in the game! #KYNonprofits
- IRS is starting today’s event by setting record straight: profits ARE OK! Setting $ aside for a rainy day, a good idea! #KYNonprofits
Normally when the IRS surprises nonprofits, we’re reaching for the Tylenol. It’s nice to hear an entity – who, let’s be honest, has a scary reputation – be on our team. And when the IRS tells you something, you listen! “Nonprofit” doesn’t mean building a nest egg isn’t a good idea and it also doesn’t mean our compensation must scrape the bottom of the market barrel. And once again, it’s okay to lobby for your cause when reported appropriately.
Thank you to our IRS friends for helping to set the record straight!