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The Hobbs, Here Are Your Articles for Monday, May 09, 2022
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You may have received a letter from us as confirmation that your tax return has been accepted by the IRS. Please note the letters are simply confirmations that your return was filed. If you own money to the federal government and have already mailed your payment or scheduled a payment for draft prior to receiving this letter, no action is required. Click the photo to read more.
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Do you often find that decisions aren't made because no one is sure whose job it is to make the final call? It's a common problem at nonprofits. Click through to learn the right way to set up a decision-making structure.
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Your nonprofit has to record revenue and expenses from the year to demonstrate how finances have been used. It sounds simple but can get complicated quickly. Click through to learn how to remain compliant with IRS requirements.
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Tax requirements for nonprofits are stringent, and the penalties for violating them can be heavy. Click through to learn how to keep track of all your funding sources — and to keep your tax-exempt status.
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The Internal Revenue Service (IRS) requires some nonprofits to be audited, but not all. The IRS isn’t the only entity that may require an audit and there are other good reasons to conduct one. Click through for an introduction to nonprofit audit rules.
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Are you thinking of forming a nonprofit? There are a lot of rules — both state and federal — that affect the structure and tax status. Click through for an introduction to nonprofit regulation to make sure you start on the right foot.
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Many nonprofit organizations are exempt from a variety of taxes. But that doesn't mean nonprofits don't pay any tax or that they don't have to file a tax return. Click through for an introduction to the complex world of nonprofit taxation.
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Each year, most nonprofits must file IRS Form 990 — a dozen pages requiring a detailed accounting of financial operations. Click through for an introduction to the complexities of this form to make sure you stay in compliance.
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When an employee at a nonprofit has another job or relationship that might affect his or her work, that employee is said to have a conflict of interest. It's a risk every nonprofit runs. Click through to learn about the types of conflicts of interest and how to address them.
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| The Hobbs Group, P.A.
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| 1704 Laurel Street, Columbia, SC 29201
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| O: (803) 799-0555 F: (803) 799-4212
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| 125 W. Stone Ave., Greenville, SC 29609
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| O: (864) 271-7503 F: (864) 751-5889
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| hobbscpa.com
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| Our firm provides the information in this e-newsletter for general guidance only,
and does not constitute the provision of legal advice, tax advice, accounting services,
investment advice, or professional consulting of any kind. The information provided herein should not be
used as a substitute for consultation with professional tax, accounting, legal, or other competent
advisers. Before making any decision or taking any action, you should consult a professional adviser who
has been provided with all pertinent facts relevant to your particular situation. Tax articles in this
e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of
avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided
"as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information,
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