Buffalo Law Journal - Nonprofit organizations should be thinking now about how to comply with new IRS regulations governing their employee-benefit programs, experts say. 

The IRS has tightened rules on 403(b) employee benefit plans, which are available only to nonprofits and government entities such as schools, hospitals and charities. Beginning with the 2009 tax year, larger 403(b) plans will be subject to the same reporting and auditing requirements as ERISA (Employee Retirement Income Security Act) plans, such as 401(k) plans.

Smaller plans - those with fewer than 100 employees, or 120 if the nonprofit meets the Department of Labor's 80/120 rule - will be exempt from the audit requirement. Churches and governmental plans also will be exempt.

Read the full article at the Buffalo Law Journal