Nonprofit compliance requirements vary from state to state. Private foundations, agencies, and other grantors often have their own requirements, too. It’s important for organizations to understand what these are before accepting any funding.
Starting August 1, 2022, Form 990-N filers – small nonprofits – are required to use a more streamlined, modern online filing system. ID.me, the IRS’s ID authentication system, will be required for new users.
Exempt organizations may be subject to extra taxes on certain income-generating activities. Many don’t fully understand the rules on unrelated business income, and could be unknowingly putting their organization at risk with the IRS.
Individuals considering starting their own nonprofit may be underestimating the cost and complexity to operate a sustainable organization. There are alternatives, like working with an existing nonprofit, creating a donor-advised fund, and other options.
Document retention policies are a necessary part of nonprofit management, but not everyone knows how to go about file storage. Now that organizations are back in the office, it’s an excellent time to review their document management strategy.
IRS extends certain deadlines for exempt organizations in Florida, North Carolina, and South Carolina due to the impact of Hurricane Ian.
The VSCPA has released four free resource guides for nonprofit organizations to aid them in financial matters. Updated by specialists on the PBMares Not-For-Profit Team, topics include budgeting, income tax issues, responsibilities and risks, and auditing.
Governor Youngkin’s announcement in May provides an alternative hiring process for individuals with disabilities, part of a larger discussion about inclusive hiring practices. Which state agencies are affected and how can they comply?
UBTI reporting for exempt organizations can be challenging. Exempt organizations investing in partnerships should ensure that the K1 reporting from the partnership provides the information necessary to ensure correct reporting.
The challenges of inflation can be difficult for nonprofits to overcome. But there are steps that nonprofits can take to limit inflation's negative impact.
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