Nonprofits generally should avoid making loans to officers and directors even though Virginia does not prohibit such loans. In fact, under Va. Code § 13.1-826(9), nonstock corporations explicitly have the power to lend
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Tax-exempt 501(c)(3) organizations must operate primarily to achieve religious, charitable, scientific, or educational purposes and may not carry on more than an insubstantial amount of commercial activity unrelated to its charitable purposes. Nonetheless,
The IRS offers group exemptions whereby a central organization’s federal tax exemption will apply to its subordinates and obviate any need of the subordinates to separately apply for exemption. Rather than each organization
An Employer Identification Number (EIN) is a type of Tax Identification Number (TIN). There are many kinds of TINs, including Social Security Numbers (SSNs). An EIN is like a SSN but is used
Groups exempt from federal income taxation under § 501(a) must file Form 990 to report on their finances, activities, and governance. The IRS uses Form 990 to gauge whether tax-exempt organizations are adequately
What is Form 1023? To be exempt from federal income tax, organizations must receive a determination letter from the IRS. The IRS only gives a determination letter after receiving adequate proof that an
Before you can start your nonprofit and begin making an impact, you first have to take important legal steps to ensure your tax-exempt status and other internal decisions are up to your state’s
The April tax deadline is not the only important fiscal date for small businesses. Many people who own businesses must also make estimated tax payments throughout the year, but your accountant can help
If you are like me, you get to the last few months of the year and think about how to give gifts to your children or others that you love. Funny… the IRS
Besides directing what happens to your finances when you pass away, a comprehensive estate plan also addresses the possibility that you could become unable to handle your financial affairs while you are still
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