We aren’t talking about the style of Levi jeans you are wearing, but the type of nonprofit organization. 501(c) is an American tax-exempt nonprofit organization. Section 501(c) of the United States Internal Revenue Code (26 U.S.C. § 501(c)) provides that 28 types of nonprofit organizations are exempt from some federal income taxes. 501(c)(3) organizations are [...]
If you have a cause that you are passionate about, starting a 501(c)(3) nonprofit organization will help you raise awareness for it and provide an avenue for obtaining funds to help support it. Here are the 12 basic steps you’ll need to follow to form a 501(c)(3) nonprofit corporation. 1. Determine the nonprofit’s primary objective [...]
As your loved ones age, it’s important to take care of them physically, but it’s also important to help protect them from fraud. The risk of becoming a victim of fraud and abuse increases as one ages. Fraudsters, identity thieves and other criminals often target elders and the money they have saved for their retirement [...]
You may be at the point in your organization where you are debating whether to file as a corporation or nonprofit 501(c)3. It’s simple to think that nonprofit is the way to go with the considerable tax benefits, but there are some drawbacks. Before you take the leap to nonprofit, make sure and consider the [...]
During the summer, it’s not uncommon to hire some part-time help to cover staff vacations or added workload. Before you post your ad and start interviewing, you need to determine what sort of worker you need and how they will be paid. Classification of a worker as an employee or a 1099 independent contractor has [...]
Section 501(c)(3) is the portion of the US Internal Revenue Code that allows for federal tax exemption of nonprofit organizations, specifically those that are considered public charities, private foundations or private operating foundations. It is regulated and administered by the US Department of Treasury through the Internal Revenue Service. 501(c)(3) organizations are the most common [...]
Many new small businesses fall victim to errors that can lead to bankruptcy. More often than not, these blunders could easily have been avoided if the entrepreneurs had paid closer attention to the basics of financial management and accounting.