Nonprofits that file for 501(c)(3) status with the IRS enjoy federal tax exemption when that status is approved. In most states, the IRS determination letter is all that is required to also enjoy state corporate tax exemption. Texas is one…
A group exemption affords the opportunity for a nonprofit organization to share the tax-exemption of another 501(c)(3) without having to apply to the IRS for their own status. There’s a lot to it, so let’s take a closer look.
Many nonprofits tend to focus primarily on their federal compliance filings, such as IRS Form 990, and for good reason. All tax-exempt nonprofits must file a version of Form 990 each year. But for organizations based in other states, particularly…
Nonprofit organizations take all forms with their missions and how they get accomplished. One thing that never changes, though, is the passion that exudes from those taking the lead. I was able to catch up with Chris with Cycle for…
In part two of our reporting series, we want to address how to categorize some of the other types of revenue a nonprofit organization frequently encounters. Donations aren’t the only type of funding with specific reporting requirements. Non-gift revenue sources…
We love to see nonprofits hit the ground running once they decide to get started, and Think Happy Thoughts Foundation did exactly that. With their quick application approval at the IRS, Think Happy Thoughts Foundation has already made grand strides…
At Foundation Group, we know how incredible our clients are and how hard they work to accomplish their respective exempt purpose. Gentle Lion is no exception to this across their many years of operation. So, we want to shine a…
With the New Year comes new responsibilities. Similar to how we all anxiously await for our employers to issue us our W-2s at the beginning of the year to get our taxes and out of the way (and hopefully not…
COVID-19. In our hometown of Nashville, a devastating tornado. Injustice. Protests. Riots. A Presidential election. More COVID-19. Is it over yet?
The CARES Act legislation that was approved in the early days of the COVID-19 pandemic (spring of 2020) helped many nonprofits with its Paycheck Protection Program. Thousands of charitable organizations nationwide were able to secure forgiveable loans from the Small…