Nonprofits have legal issues like any other businesses. And they also have matters unique to nonprofit, tax-exempt organizations – like state reporting obligations, IRS reports, fiduciary duties, ...
What is UBIT (Unrelated Business Income Tax)?
A 501(c)(3) nonprofit is not taxed on revenue that comes from an activity that is substantially related to the organization's tax-exempt purpose (charitable, educational, religious, scientific, or ...
What are the benefits of having 501(c)(3) tax-exempt status?
Many people mistakenly believe that all nonprofits automatically have IRS 501(c) tax-exempt status or state tax exemption. So, first, is important to note the distinction between "nonprofit" and ...
Year-End Giving – Can I Deduct the Value of My Volunteer Service?
Can I deduct the value of my volunteer service to a nonprofit? The IRS will not allow individuals to deduct the monetary value of their volunteer service to a nonprofit on their individual income tax ...
Does a Nonprofit Need Tax Exempt Status?
A common misconception is that all nonprofit organizations are automatically tax-exempt. This article outlines nonprofit and tax-exempt status and whether both are needed. We have outlined in other ...