Help For Your Charitable Organization
What is your Status?
Entity selection is the most important business decision a charity can make. Yet, many charities operate off of assumptions that may or may not be correct or current when making this choice. The implications of entity selection affect liability, compliance requirements, operating rules and donor behavior.
Decisions involving tax status are equally important and are frequently misunderstood without seeking professional advice. The terms "nonprofit" and "exempt", for example, have substantially different meanings but many charities use them interchangeably. So many "nonprofit" organizations that are not "exempt" organizations are substantially limiting their donor base and potential grant sources by not understanding the importance of seeking the right entity status.
What is the status of your charitable organization? Let us help you begin sorting out the pros and cons of entity selection and tax status with a free consultation. We will help you consider the all important question of whether or not your charity should seek an exemption from taxation, weighing both the potential costs and benefits.
Charity Information/Tax Reporting
Compliance with federal and state filing requirements can also be confusing and expensive. Some organizations are not even aware that they have a filing requirement as a charity. Federal rules for small charities in particular have changed in the past few years so that now virtually all charities regardless of size have some federal filing requirement. Hundreds of thousands of small charities accross the US who have not filed in recent years have had their exempt status automatically revoked.
Through our sister company, CP Tax & Accounting LLC, we have over 30 years of experience filing federal and state compliance returns for charitable organizations, including Forms 990/990-PF/990-N and Form 1023, Application for Exempt Status.