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Many, if not most, nonprofit organizations will need to issue forms 1099-MISC ("1099") to its independent contractors or other organizations that are otherwise required to get them. As good as the intentions are, sometimes there's a problem with the 1099 or the information you've used to complete it.[...]

The 990 filing deadline for calendar year organizations has passed, but deadlines for fiscal year organizations are just around the corner! In the fourth article of our UBI series, we're going to tackle if (and when) sponsorship income is subject to unrelated business income tax (UBIT).[...]

The 990 filing deadline for calendar year organizations is almost here! In the third article of our UBI series, we're going to tackle if (and when) the sale of merchandise or other goods is subject to unrelated business income tax.[...]

As you expect, the IRS has strict rules about filing tax returns on time, and it's no different (well, at least not completely different) for exempt organizations. Not filing these forms can have a significant impact on your organization to say the least, and not in a positive way. In fact, if you don't file for three consecutive years the IRS will not just send you letters and levy penalties, they'll automatically revoke your tax-exempt status.[...]

On June 9, 2022 the IRS announced an increase in the optional standard mileage rate for the final 6 months of 2022. From July 1 through the end of the year, the standard mileage rate for business travel will be 62.5 cents per mile[...]

It may not be common knowledge to the layman, but even organizations that have been granted tax-exempt status by the Internal Revenue Service (IRS) may need to pay income tax..[...]

It's nice to have a team get together now and again or bring lunch for your hard-working team. But while providing a meal can be a nice perk for employees, it's crucial for both employers and employees to understand the tax implications associated with such benefits[...]

On December 14, 2023 the IRS announced an increase in the optional standard mileage rate for 2024. Beginning January 1, 2024, the standard mileage rate for business travel will be 67 cents per mile, up 1.5 cents from the current rate[...]