Occasionally we share helpful information for our clients and prospective clients, like updates about tax code changes or other relevant articles on accounting and business practices. Please note, this information on this website does not constitute legal advice. It is provided for general information purposes only.
While every donation to your organization is important and appreciated, there are certain times and ways that donations must be acknowledged to the donor. And though there is not a specific due date for these acknowledgments, the IRS states that… Read More »Donor Acknowledgment Letters – It’s not enough to just say “Thank You”!
Every dollar is important to your organization – so don’t waste money on things you can get for less (or free!) As a 501(c)(3) organization, you can save a lot of money by signing up with a nonprofit account through… Read More »Discounted and free products and services for nonprofit organizations
When is my Form 990 due? Note: if the due date falls on a Saturday, Sunday or legal holiday, the return is due the next business day If your fiscal year ends on Your 990 due date is The extended… Read More »Form 990 Due Dates
When hiring, it is important to determine whether a person should be classified as an employee or as an independent contractor. Failing to classify an employee or independent contractor correctly can have serious tax consequences for your business or organization.But… Read More »Employee or Independent Contractor
In 2020, businesses began using a new 1099 form to report income for independent contractors and any other person that your business or organization paid $600 or more during the tax year. The 1099-NEC (Non-Employee Compensation) will now be used… Read More »The 1099-NEC
Once you’ve decided that you’re ready to start your own nonprofit organization, there are certain steps you’ll need to take before you can file with the IRS. Making sure that you have a strong organizational foundation and all of your… Read More »Getting It Together –
Preparing for Your 501(c)(3) Application
A 501(c)(3) organization is a tax-exempt charitable organization that can receive tax-deductible contributions and is organized and operating exclusively for exempt purposes. Though many times, the terms nonprofit and 501(c)(3) are used interchangeably, they don’t necessarily mean the same thing. A nonprofit organization is an entity… Read More »Ready to Apply –
An Overview of Form 1023
When deciding what type of accounting method to use for your business or nonprofit, it is important to understand how each method works. The difference between the two methods of accounting – cash basis accounting and accrual accounting – is when revenue and expenses are… Read More »Cash Basis vs. Accrual Accounting – Which one is right for you?
Every business type has its own advantages and disadvantages. Finding the one that is right for your business depends on your goals, who is involved, and your willingness to take on risk. Below is an overview of four of the most common types of business… Read More »Choosing Your Business Structure