Understanding Charities and Non-Profit Organizations: A CPA’s Guide
At Core CPAs and Advisors, we have extensive experience working with charities and non-profit organizations. In this article, we will explore what these entities are, how they are regulated by the Internal Revenue Service (IRS), and how our CPA firm can assist.
What are Charities and Non-Profit Organizations?
Charities and non-profit organizations are entities that are established to provide benefits to society or certain individuals. These organizations can range from hospitals and universities to advocacy groups and arts organizations.
IRS Regulation
The IRS has specific rules for non-profit organizations. These organizations must meet certain requirements to maintain their tax-exempt status. For example, they must operate exclusively for charitable, religious, educational, scientific, or literary purposes.
How Can Our CPA Firm Assist?
Our CPA firm has extensive experience working with charities and non-profit organizations. We can assist in several areas, including:
-Tax Preparation: We prepare the organization’s annual tax return, ensuring all IRS regulations are met.
-Audits: We conduct audits to ensure the organization is handling its finances appropriately.
-Financial Planning: We assist organizations in planning their financial future, including creating budgets and investment plans.
In summary, charities and non-profit organizations play a vital role in our society. At CoreCPAs and Advisors, it is an honor to be able to work with these organizations and help them navigate the complex world of tax regulation. If you represent a charity or a non-profit organization and need assistance, please do not hesitate to contact us. We are here to help.
RELATED POSTS
Tax Refund
Everything you need to know about a tax refund What is it? A tax liability is a payment owed by an individual, business, or other
How to manage your personal budget
How to manage your personal budget With all the personal expenses you have nowadays to live, from renting a house to buying food, it can
Are you in the Medical Field? Our Tax Planning for Medical Professionals May be for You!
Are you in the Medical Field? Our Tax Planning for Medical Professionals May be for You! The medical field has always been one of the
How often should you visit your CPA in Orange County?
How often should you visit your CPA in Orange County? Regular visits to your doctor and dentist are the law. You don’t need anyone to
Accounting 101 why you need a good bookkeeper to help your business
Accounting 101 why you need a good bookkeeper to help your business In order to have good management of any company, regardless of its line
How to Prepare for Crypto Audits
How to Prepare for Crypto Audits The world of cryptocurrency is still a novelty for the vast majority of people and, therefore, a mystery. This