Posts Tagged ‘Tax exemption’
Can we accept donations before we receive our IRS tax-exempt status?
Question: We have a donor who would like to make a large donation to the nonprofit before the end of the year, but our 501(c)(3) status is still pending. Can we accept the donation? Good news – you can accept a donation even before your public charity status is official! You do need to disclaim to…
Read More“I Have a Nonprofit” Problems
Common problems faced by nonprofits may not feel so common…the good news is that Charity Therapy has answers!
Read More990 Filing Season!
April showers bring… May tax returns. That doesn’t quite have the same ring to it, huh? But it’s true – we’re coming up on 990 filing season for nonprofits! So while nonprofits rush to prepare their Form 990s, I’m answering listener questions about them. What do you do if a donor accuses you of filling out the…
Read MoreNonprofit Q&A: The Unpaid “Employees” Edition
Charles McDonald, Executive Director of Community Engagement Partners, joins us for another round of listener questions! If you lose your IRS tax exempt status, can you just switch to a for-profit? Or, how open do nonprofits have to be about who is on their board of directors? Can you hire employees…but not pay them? Get…
Read MoreHow do we maintain our tax exempt status?
It’s easy for a 501(c)(3) organization to maintain its tax exempt status – and can it be just as easy to lose it. the IRS recognizes private foundations, churches, educational institutions, hospitals, and many other types of public charities. IRS tax exemption is a privilege, and your organization can lose it if you’re not careful. There are…
Read More6 Ways to Lose Your 501(c)(3) IRS Tax-Exempt Status (Without Really Trying)
There are 6 main ways to lose your 501(c)(3) IRS tax-exempt status without really trying.
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