There are not-for-profit organizations that do not earn a dime from their activities. The money made in the organization is used to keep the company's day-to-day operation instead...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/08/2023
A restricted fund is a set-aside account that holds money that can only be used for specific purposes. Restricted funds assure donors that their contributions will be used as they...
Posted by Rosovich & Associates, Inc. on 06/29/2022
As part of the Internal Revenue Code, specific organizations would have to report their activities for every calendar year for documentation purposes. Such organizations must fill...
Posted by Rosovich & Associates, Inc. on 04/17/2022
The COVID 19 relief package passed in March 2020 includes provisions valued at $2.3 million to cushion the pandemic's effect. It is called CARES Act and comes with a package for...
Accounting and bookkeeping are vital functions for your business, but they are not the same, contrary to popular belief. To help shed some light on this topic, let's explain the...
Posted by KLSM CPA Firm PLLC on 06/24/2022
A 457(b) plan is an employer-sponsored retirement savings account with tax benefits. With this plan, you contribute pre-tax money to your salary, and that money will not be taxed until...
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...