Tax Advisory for Non-Profit Organizations
Non-profit organizations play a vital societal role, but managing their financial and tax obligations can be complex, especially in maintaining tax-exempt status. To preserve this status, non-profits must adhere to IRS guidelines, ensuring their activities align with charitable or educational purposes and that most revenue comes from non-profit sources. They must also avoid excessive Unrelated Business Income (UBI) and political activities, as these can threaten their tax-exempt status. Non-profits can benefit from tax deductions, including donations, program expenses, and fundraising costs, while staying mindful of state and local taxes. Given the intricacies involved, consulting a tax professional is crucial for compliance and optimizing financial resources to support their missions.
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10-Oct-2024 07:14 pm
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