In order to qualify as a tax-exempt entity, a not-for-profit organization must comply with certain federal income tax laws. To prove compliance, you must maintain records. There is no required record keeping system. Your organization can choose any system that suits its activities and clearly shows your income and expenses.
In the News
Friday, March 29, 2019
Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. The person may not be able get a passport if he or she owes the government a significant amount of back taxes. The IRS is now reminding taxpayers that legislation passed in 2015 allows the tax agency to revoke passports or deny new ones to major debtors.
Friday, March 29, 2019
Hiring young people can be beneficial for all parties. But before you make any job offers, be fully aware of how youth employment is regulated under the Fair Labor Standards Act (FLSA). When employers fail to comply with these obligations, they can be prosecuted by the Department of Labor (DOL). And if the prosecution is successful, the DOL will likely publicize the results as a sobering reminder to all employers of the FLSA requirements
Friday, March 29, 2019
Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). But have you done everything possible to lower your business tax bill for last year? Even though 2018 is in your review mirror, there are some possibilities for business owners to consider if your return for the last tax year hasn't been prepared yet.
Thursday, March 14, 2019
In the ever-expanding global economy, nothing about suppliers or distributors can be taken for granted. As illustrated by the numerous high-profile recalls that have occurred, manufacturers outsourcing to foreign countries must maintain quality control in their supply chains.
Thursday, March 14, 2019
It takes years to build up a successful medical practice that is respected and valued by the community. It can also take time to find a qualified buyer at a satisfactory price. However, you can take several steps now to help provide a smooth transition when you finally put out a "for sale" sign.
Thursday, March 14, 2019
Let's say you're an electrical contractor. One of your employees bumps into an unoccupied scaffold on a construction site and destabilizes it. Which actions should you take to ensure the safety of workers and avoid liability?
Thursday, March 14, 2019
Most tax-exempt organizations must file Form 990 with the IRS. This form, titled Return of Organization Exempt from Income Tax, has significant implications for not-for-profit organizations. The compensation of officers, directors, trustees, key employees and others in tax-exempt organizations has always been scrutinized by the IRS. That is why compensation reporting is so important on Form 990.
Thursday, March 14, 2019
Some people are worried that they will wind up in a nursing home with their life savings wiped out. But that doesn't have to be the case. You can buy some peace of mind with long-term care insurance.
Thursday, March 14, 2019
Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, death and property damage.
