Nonprofits can run into issues when they accept advertising or sponsorship dollars if they don’t know the rules of unrelated business income tax. Knowing the difference between the two scenarios can help to minimize or manage tax liability.
The application of sales and use tax to the activity of exempt organizations is complex and nuanced. State tax and exempt organizations specialists explain what you need to know.
Small to medium-size nonprofits have several responsibilities to maintain their tax-exempt status and may be unaware of some of the activities that can jeopardize it. The IRS has recently released many resources to help.
Last year, the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.
For businesses contemplating a commercial project, the §179D deduction, a provision from the Inflation Reduction Act, is now available for any qualifying commercial energy-eﬃcient building.
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.
Rev. Proc. 2022-38 provides the annual inflation adjustments for more than 60 tax provisions, including those affecting exempt organizations.
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.
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.