answer the following true or false for each: Part of the ongoing compliance requirements for NFPs...

answer the following true or false for each:

Part of the ongoing compliance requirements for NFPs is for them to file some version of the Form 990 with the IRS each year.
Generally speaking, a NFP board of directors need not keep minutes of its meetings.
Board of Director Treasurers are responsible for the bank account and being sure that the Form 990 is filed.
The tool the IRS is most likely to use when an officer in a tax-exempt organization receives excessive economic benefits (i.e., the first action most likely to be taken) is an intermediate sanction.
The intermediate sanction is first imposed on the organization (i.e., the NFP).

Solutions

Expert Solution

Part of the ongoing compliance requirements for NFPs is for them to file some version of the Form 990 with the IRS each year -True

Generally speaking, a NFP board of directors need not keep minutes of its meetings.- False

Board of Director Treasurers are responsible for the bank account and being sure that the Form 990 is filed - True

The tool the IRS is most likely to use when an officer in a tax-exempt organization receives excessive economic benefits (i.e., the first action most likely to be taken) is an intermediate sanction.- True

The intermediate sanction is first imposed on the organization (i.e., the NFP) - False

Rahul Sunny answered 1 year ago

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