Does Your Nonprofit Pass The Public Support Test?
Unless 501(c)(3) organizations prove they’re publicly supported, the IRS assumes they’re private foundations. The distinction is important, because publicly supported charities enjoy higher tax-deductible donation limits and generally are exempt…
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Is Effective Altruism All It’s Cracked Up To Be?
The arrest last year of a high-profile cryptocurrency exchange founder for fraud not only hurt the crypto business, but also cast a shadow on “effective altruism.” This philosophy employs evidence and statistics…
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Even Perfectionists Can Learn to Love Delegation
Not-for-profit executives and business leaders can be perfectionists — they often know exactly how they want something done and believe they’re the only ones capable of doing it right. Unfortunately,…
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2023 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so…
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Before Your Nonprofit Celebrates That New Grant…
Most not-for-profits can’t afford to turn down offers of financial support. At the same time, you shouldn’t blindly accept government or foundation grants simply because they’re offered. Some grants may…
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Tips to Help Prevent Accounting and Tax Errors
Although failing to file a Form 990 with the IRS when required to do so is probably a more serious mistake, filing it with data errors isn’t recommended. Similarly, your not-for-profit…
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Game on! Just Make Sure Your Nonprofit Follows Tax Rules
If you’re starting to plan activities for a 2023 fundraiser, consider gaming — for example, bingo, poker, raffles and even casino-type games. Such games can be a great way to…
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Forms W-2 and 1099-NEC Are Due to be Filed Soon
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers…
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Put an Advisory Board to Work on Your Nonprofit’s Challenges
A community health center desperately needed to upgrade its computer network. Unfortunately, the not-for-profit had little IT expertise on staff or on its board of directors. That’s when it decided…
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Federal Tax News for Businesses
1. Court: Farmers Are Partially Allowed Depreciation Write-offs If you’re a business owner hoping to deduct asset depreciation from your gross income, it’s crucial to track the percentage of business…
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