Not-for-profit organizations have unique financial responsibilities. Creating accurate financial reports that follow specific rules is necessary for their success and requires specialized accounting knowledge. Therefore, partnering with an accounting firm provides them with expert guidance as these professionals can manage different types of funds, ensure compliance with accounting standards,...
Too many non-profit organizations – aiming to maintain transparency and trust among stakeholders – cower at the sight of audits. But with the right guidance, even those without extensive financial backgrounds can successfully prepare for and engage with an accounting firm during this critical process. Organizing financial records, reviewing...
When it comes to running non-profit organizations, handling finances wisely is key. It’s crucial to track every dollar and use it effectively to carry out the organization’s goals. While many non-profits have good intentions, dealing with finances can be overwhelming if you don’t have the right know-how. That’s where...
Tax compliance stands as a foundational element for the longevity and prosperity of non-profit organizations. Serving as beacons of societal progress and local aid, nonprofits hinge their operations on upholding their tax-exempt standing, enabling them to deploy resources efficiently toward their objectives. Yet, the convoluted landscape of tax laws...
As Benjamin Franklin’s famously noted, nothing in life is guaranteed except for death and taxes. While this is largely true, there is an IRS classification that allows certain cemetery businesses exemption from taxes. 501(c)(13) status is available to nonprofit mutual cemetery companies and nonprofit incorporated cemetery companies. The Internal...