Should a Nonprofit Accept All Donations?

As a nonprofit, donations are vitally important, both from a revenue standpoint and for nurturing donor relationships. But should you accept ALL donations extended to your nonprofit? While the immediate answer may be “Yes, of course”, you may want to reconsider. Cash: While offers of cash may automatically be a “Yes”, be careful if [...]

By | 2017-10-30T14:45:11+00:00 October 30th, 2017|Articles, Not For Profit|0 Comments

Raffles – Don’t Get Tricked By All The Rules

Raffles are commonly used by nonprofit organizations to raise funds to fulfill the mission of the organization.  Raffles are defined by the Internal Revenue Service (IRS) as “a game in which the prize is won by random drawing of the name or number of one or more persons purchasing chances”.  The Internal Revenue Service [...]

By | 2017-10-30T14:55:29+00:00 October 30th, 2017|Articles, Not For Profit|0 Comments

Prepare in Advance for 1099-MISC

Consider adding a few preparatory projects to your shopping season.  One such project might be collecting information for the 1099-MISC forms that are due January 31st.  In a nutshell, all businesses are required to send a 1099-MISC to any non-employee who they paid, for services, more than $600 during 2017.  Copies of these same [...]

By | 2017-10-26T13:19:22+00:00 October 26th, 2017|Articles, Business Taxation|0 Comments

NEXUS – Why Is It So Important?

Senate Bill 81 has been passed by the Senate and is currently under evaluation by the House.  Once passed, it will identify new requirements for when out-of-state businesses will be required to collect North Carolina sales taxes on transactions sourced to North Carolina. But first, let’s talk about “nexus”.  Nexus literally means “connection”.  A [...]

By | 2017-10-27T09:21:41+00:00 October 26th, 2017|Articles, State and Local Tax|0 Comments

Don’t Wait To Lower Your Taxes

Don’t let the hustle and bustle of the holiday season keep you from exploring ways to minimize your 2017 income-tax liability. Waiting too long can prevent you from using planning moves that can help reduce your tax bite. Save More, Pay Less Increasing your pretax contributions to an employer-sponsored retirement plan may help you [...]

By | 2017-10-26T13:06:09+00:00 October 25th, 2017|Articles, Business Taxation, Manufacturing|0 Comments

Governor Cooper Grants Grace Period – Sales Tax Base Expansion Protection Act

This new law defines a grace period for retailers who might have been caught up in the confusion of the changing Sales & Use Tax laws.  According to the new statute, the Department of Revenue shall take no action to assess any taxes due for the filing period from March 1st, 2016 through January [...]

By | 2017-09-28T13:11:37+00:00 September 28th, 2017|Articles|0 Comments

Hobby or Business?

Once people start making money from their hobbies, they frequently start to deduct all of their hobby-related expenses. At this point, the IRS can become very interested in the nature of the taxpayer’s hobby/business. There are certain tax guidelines to keep in mind.Once people start making money from their hobbies, they frequently start to [...]

By | 2017-10-26T13:05:50+00:00 September 25th, 2017|Articles|0 Comments

Internal Revenue Service Resources for Nonprofit Organizations

The Internal Revenue Service (IRS) has valuable and interesting guidance and resources available for nonprofit organizations.  Their goal is to make sure your nonprofit stays tax-exempt and complies with filing and reporting requirements. Here are links to the top resources for your reference: Compliance Guide:  IRS Publication 4221 highlights basic information on everything from [...]

By | 2017-09-15T08:58:49+00:00 September 14th, 2017|Articles, Not For Profit|0 Comments

IRS Requirements for Public Charities:

What documents must you make available to the general public? As a public charity, the Internal Revenue Service (IRS) requires your nonprofit organization to make several documents available, should they be requested.  If a request is made in person, you are asked to provide this promptly. If the request is written, you have 30 [...]

By | 2017-09-15T08:59:18+00:00 September 14th, 2017|Articles, Not For Profit|0 Comments

Are You in Legal Compliance in North Carolina?

Use this checklist prepared by the North Carolina Center for Nonprofit Organizations, Inc. to be sure you’re complying with selected laws that govern 501(c)(3) nonprofits in North Carolina. This is not a complete list, but it’s a great start! It's in chart format to make it easy for you to follow. For more information on [...]

By | 2017-09-15T08:59:56+00:00 September 14th, 2017|Articles, Not For Profit|0 Comments