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Nonprofit Accounting

A nonprofit, or non-business entity, is an organization which does not operate for the purpose of making a profit. After business expenses are covered, all revenues are used to further the nonprofit’s cause. Nonprofits include advocacy groups, religious organizations, charities, foundations, and professional/trade organizations. When preparing federal income taxes, it is important to note that […]

501(c) Nonprofits

Many nonprofits are eligible to become exempt from federal income taxes. To attain exemption, a nonprofit must register with the IRS to be considered a 501(c) charitable organization as detailed in US Code Title 26, section 501(c)(3). To do so, a nonprofit cannot distribute earnings for the profit of stockholders or individuals. 501(c)(3) organizations are […]

Charitable Donations and Taxation

Donations made to tax exempt organizations often qualify as charitable deductions on income tax returns. Donations made to 501(c)(3) organizations such as churches, schools, and charities typically qualify as charitable donations, while donations made to 501(c)(4) organizations such as social groups, sports clubs, political advocacy groups, and retired professionals organizations do not qualify. Note that […]

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