501(c)(3) Fundraising Guidelines: Nonprofit Donation Rules You Must Know
Fundraising for nonprofits can be tricky, and it’s important to follow the rules and keep your tax-exempt status. Don’t worry, SSL Associates’ nonprofit tax professionals are here to help you every step of the way. In this guide, we break down the key things you need to know about fundraising and donations for 501(c)(3) organizations.
6 Common Nonprofit Tax Deductions: How to Save Money with Write-Offs
Running a nonprofit organization requires careful financial management, especially when it comes to navigating nonprofit tax regulations during tax season. While nonprofits enjoy tax exemptions, understanding the range of available tax deductions can significantly enhance your organization’s financial efficiency and help fulfill its mission more effectively. If you’re not sure where to begin or you want an expert to guide you in this area, SSL Associates, Ltd. is just a phone call away.
Do Nonprofit Organizations Have to File Taxes?
While tax-exempt nonprofits don’t pay federal income tax, most are still required to file an annual informational return with the Internal Revenue Service (IRS). This provides transparency and shows that the organization continues to meet the qualifications for tax exemption.
At SSL Associates, our CPAs guide organizations through the complexities of nonprofit tax filings to ensure continued compliance and transparency.
The specific forms and requirements vary based on the size and type of your nonprofit organization, and you might not know the ins and outs of what you need to file. Failing to file required returns can lead to penalties and even revocation of tax-exempt status. To avoid those pitfalls and ensure you understand your obligations, we’ll further explore this topic below.
What Is a Yellow Book Audit & When Is It Necessary?
Federal funding comes with responsibilities. For example, organizations that receive government funds must demonstrate proper financial management and compliance through specialized audits. In this article, our team at SSL Associates, Ltd. will take a closer look at one of those audits, the Yellow Book Audit, and its requirements.
Nonprofit Revenue Recognition: What It Is & Tips
Accurate revenue recognition is essential for nonprofit organizations to maintain financial integrity and build stakeholder trust. While for-profits focus primarily on earnings, nonprofits must navigate a complex web of contributions, grants, and exchange transactions to ensure compliance with regulatory standards and promote financial accountability. Let’s explore this essential aspect of nonprofit accounting. As always, our team at SSL Associates is here to help if you’d like to discuss your organization’s situation in depth.
How to Fill Out a W-9 Form for Nonprofit Organizations
When your nonprofit organization works with independent contractors or provides services to other businesses, understanding Form W-9 becomes essential for proper tax compliance. This is a critical tax form that connects to your federal income tax responsibilities, so mastering the W-9 process helps maintain your tax-exempt status while fulfilling IRS requirements.
If you want to navigate tax season with confidence, look no further. The nonprofit tax services at SSL Associates can help organizations in Chicagoland and across the country ensure their W-9 forms and tax filings are accurate and compliant.
Do Nonprofits Have to Disclose Financials to the Public?
A Comprehensive Guide to Transparency for Tax-Exempt Organizations
Yes, nonprofit corporations are legally required to disclose certain financial information to the public. This public disclosure and availability of information goes beyond mere legal compliance, serving as a cornerstone of transparency and accountability. In this comprehensive guide, we’ll explore why financial transparency is crucial for nonprofits, what information must be disclosed, and how organizations can leverage transparency to build trust and support their missions.
At SSL Associates, we understand the complexities of nonprofit financial management and are committed to helping organizations like yours navigate the path to transparency and compliance with IRS regulations.
SSAE 19 for Agreed-Upon Procedures (AUP) Engagements
The AICPA Auditing Standards Board’s Statement on Standards for Attestation Engagements (SSAE) 19 has transformed how practitioners approach agreed-upon procedures engagements. This new standard provides more flexibility while maintaining the rigorous professional standards expected in attestation engagements. Join our team at SSL Associates as we explore this topic and outline key things you need to know.