Do You Understand Business Tax Liability? It is important to understand business tax liability specially Federal & State Income Taxes for “Self-Employment”. A self-employed person earns a living by working for himself. But in a corporation, the self-employed person becomes both an owner & an employee. Federal And State Tax Federal income taxes are collected …
TAX EXEMPT STATUS Annual financial reports must submit to the IRS and the California Franchise Tax Board to maintain a nonprofit organization’s tax exempt status. The board of directors should review the corporation’s annual IRS and State filings before submitted. Often, the nonprofit will retain an independent accountant to conduct a review of the organization’s …
How Does A Nonprofit Organization Maintain Tax Exempt Status? Read More »
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