Nonprofits finally have some more direction from the IRS on how to track and report income unrelated to their core mission.
A change in the 2017 tax law mandated that tax exempt organizations must report each stream of their side profits separately—dividing things like basketball ticket sales and profit from corporate partnerships.
The IRS on Thursday proposed (REG-106864-18) a way to group multiple streams together, minimizing the administrative burden for exempt organizations, and greatly reducing the number of separate income categories.
Nonprofits had been waiting years for any formal guidance on the matter, relying ...