IRC Code, Section 501(c) sheds light explicitly on the critical requirement for a tax-exempt organization. In applying for tax exemptions, firms need first to apply to be recognized...
What is a private activity bond (PAB)?PABs are tax-exempt bonds distributed by or on behalf of a state or local authority to provide special financial benefits for eligible projects....
The non-profit status may make an organization eligible for certain benefits, such as exemptions on state sales, property tax, and income; however, this corporate status does not automatically...
Nonprofits envelop a wide range of entities. Many may relate not-for-profits with 501(c)(3) philanthropies, for example, the Salvation Army. However, there are various kinds of nonprofits...
Posted by Advanced Accounting & Tax Planning on 05/29/2019
As the income tax system of United States of America is a progressive one. So, a high-income level generally means a high tax rate. Luckily, there is Internal Revenue Code that consists...
The word Not-For-Profit often rings a bell in the ear and suspicion in mind regarding their mode of operation and revenue model. A lot of these curiosities stem from the fact that...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 05/21/2018
It would be disastrous to non-profit charitable organizations if they should lose their tax-exempt status. Therefore, it is incumbent upon the leaders of such organizations to familiarize...
Posted by Flynn Financial Group Inc on 12/29/2017
Do you happen to be the charitable type? Depending on which organization(s) you chose to donate your time, money, or goods to, you may be able to deduct those donations on your tax...
If you’re looking to save money this tax season, itemizing deductions claimed on your taxes can the way to go. One problem that we see often is that because there’s often SO many...