Private Inurement
Private inurement (using charity’s income or assets for personal use) is prohibited by the IRS. Learn more about this important restriction and suggestions on how to protect your 501(c)(3) status. Private Inurement
Articles
Compliance Guide for 501(c)(3) Public Charities
Even if your organization already has its 501(c)(3) status, the IRS can still take it away unless you do the right things. This guide covers activities that may jeopardize a charity’s exempt status, tax returns or notices that must be filed, recordkeeping, changes to be reported to the IRS, required public disclosures and resources for …
State Income Tax Exemption for 501(c)(3) Organizations
Your 501(c)(3) tax-exempt status only applies to Federal income taxes. It doesn’t make you automatically exempt from State of Georgia income taxes. Find out how to make sure you are covered. State Income Tax Ememptions
Tax on Unrelated Business Income – IRS Publication 598
Does your organization generate income from activities, including fundraising, that are not directly related to the basis of the organization’s exemption? The IRS has special rules for tax on that income that you need to know. Tax on Unrelated Business Income
Taxes for Tax-Exempt Organizations
Even though you are a “tax-exempt” organization, there are still taxes you have to pay. This article and chart tell you what taxes may apply to your organization. Taxes for Tax Exempt Organizations
Form 1023
Updated June 2023 Form 1023 or Form 1023-EZ is the application an organization uses for the IRS to issue a determination letter or ruling letter that recognizes an organization’s exemption from federal income tax. Form 1023 Form 1023-EZ
IRS Guide to Applying for 501(c)(3) Tax-Exempt Status
Are you interested in Applying for 501(c)(3) Tax Exempt Status? This informative booklet from the IRS answers questions such as why you should apply, who’s eligible, how to get started, and what responsibilities come with the status. 501c3 Tax Status
Required Filings for Nonprofit Organizations
Once you get your 501(c)(3) status from the IRS, your paperwork has just begun! Federal, state and some local governments require that you file additional forms; some filings are one-time-only and others are required on a regular basis. Our new guide will help you determine whether you are current on the filings usually required of …
Guidance on Workers’ Compensation and Other Legal Challenges Available on Our Website
No nonprofit leader wants to get the news that an employee has been injured on the job. Your first reaction is concern for the health and well-being of the employee. But you must also consider the implications of the injury on the organization as a whole. Can the nonprofit be sued for the injury? Who …
Unique Unemployment Insurance Option Available Only For Nonprofits
Unemployment is on everyone’s minds these days. As a nonprofit employer, you should be aware of your organization’s obligations with respect to paying unemployment. Although 501(c)(3) nonprofit organizations in Georgia are exempt from federal unemployment taxes (FUTA) they may still be responsible for paying state unemployment taxes. Nonprofit organizations are responsible for unemployment insurance coverage …
Tax-Exempt Tradeoffs
Recently, while sitting in the office of the executive director of one of our nonprofit clients, I noticed a plaque on the wall that read: “Dear IRS: I would like to cancel my subscription. Please remove my name from your mailing list.” Of course anyone that has ever completed a tax return can appreciate the …
H. Lamar Willis Foundation Learns Things the Hard Way
If you have ever set up a nonprofit organization, you know that you need to get incorporated as a nonprofit with the Secretary of State’s office and then file with the Internal Revenue Service for 501(c)(3) status. Hopefully, you know that you also need to register with the Secretary of State’s office for charitable solicitation. …
Miami Ronald McDonald House Sued for Overtime
Ronald McDonald Houses have been providing housing to families of hospitalized children since 1974, but that doesn’t make them immune from employee lawsuits. A former employee of the Ronald McDonald House Charities of South Florida in Miami recently filed suit claiming that she was not paid overtime for working 70-hour weeks. Although she was hired …
Good Nonprofit Corporate Governance a Major Focus of IRS
Although no section of the Internal Revenue Code sets out specific requirements for how tax-exempt organizations are to be governed, the subject of good nonprofit corporate governance has become a strong focus of the IRS in recent years. The most obvious evidence of the IRS’ emphasis on good nonprofit corporate governance is the new Form …