The Internal Revenue Service commonly refers to charitable organizations as nonprofit entities, 501(c)(3) organizations, or tax-exempt entities. Unfortunately, this implied reference to tax exemption will not always be the case. The Internal Revenue Code provides an exemption from federal income… Read More

Do you want to give money to charity while also maintaining a steady flow of income for yourself or your beneficiaries? There are two major ways to give back that will do just that through charitable remainder trusts: CRUTs and… Read More

An organization that seeks to obtain tax-exempt status must be properly formed, and must follow a prescribed process in order to apply for and maintain this status. Furthermore, when it terminates, the organization must also follow the appropriate steps for… Read More

Now that 2018 has come to an end, tax time is just around the corner! As the 2019 busy season creeps up on us, it becomes increasingly important to begin gathering any documents and information necessary to prepare tax returns…. Read More

It’s that time of year again when Santa and his elves are hard at work, and people are most open with their hearts and their wallets to give back to their communities. Here are some tips for staying off of… Read More

In our previous article, we discussed the thresholds that trigger an audit requirement for nonprofit organizations. But what if a nonprofit organization with less than $2 million would like audited financials? The benefits may be worth the extra time and… Read More

Nonprofits and charitable organizations must conduct independent regular audits and single audits if specific requirements are met. California guidelines call for an independent audit of the financial statements if revenue meets or exceeds $2 million. Federal guidelines were modified in… Read More

There are so many great causes private foundations want to support, and with such a globalized society, those causes are often based in international territories. Though a bit trickier than giving grants to a domestic organization, there are luckily still… Read More

Surf’s up! The sun is shining, the kids are out of school, and family vacations are all in order…summer is finally here! The 2017 tax season is behind most of us (the extended due date is October 15th). This summer… Read More

When private foundations disburse out funds to other organizations, it is important to make sure that donations are going to IRS-qualified organizations to minimize the net investment income tax assessed. Even when the funds are going to support a cause… Read More