Government Agencies You Need To Know As A Business Owner

Are You Familiar With The Government Agencies As A Business Owner? Get Familiar With The Main Government Agencies! In order to run your business, knowing the government agencies will help! For submitting federal income tax payments & obtaining Employer Identification Number (EIN) for your business, you will go to the Internal Revenue Service( IRS). For submitting state income tax payments for a business registered in California, you will be required to go to the Franchise Tax Board (FTB). Also, there are separate government agencies for submitting payroll taxes & sales taxes. The Employment Development Department (EDD) is in charge of [...]

Government Agencies You Need To Know As A Business Owner2022-09-08T23:17:02-07:00

Can A Nonprofit Organization Be Taxed?

CAN A NONPROFIT ORGANIZATION BE TAXED ON UNRELATED BUSINESS INCOME? Nonprofit organization often retain an Attorney to provide an opinion on whether the corporation will be engaging in unrelated business activities that may be taxable.   To note, the activities of a nonprofit organization can still be considered charitable even though they generate profits. However, the primary purpose must be charitable and not income generation.  A for-profit business generates income on a regular basis; whereas, a non-profit organization engages in fundraising not on a regular basis. Factors that are considered in determining if the organization is charitable include:  How the income [...]

Can A Nonprofit Organization Be Taxed?2020-03-13T22:11:14-07:00

How Does A Nonprofit Obtain Tax Exemption Status?

TAX EXEMPTION STATUS The major benefit of charitable nonprofit organizations is that they may qualify for exemption from Federal and State income tax.  In addition, corporate donors may deduct contributions to organizations that are exempt under section 501(c)(3) of the Internal Revenue Code from their personal Federal income tax.  A tax professional must be retained by the nonprofit because of the complexities involved. The process for obtaining tax-exempt status is separate from the incorporation process.    FEDERAL INCOME TAX EXEMPTION Section 501(c)(3) of the Internal Revenue Code, which is codified in Title 26 of the United States Code, states that the [...]

How Does A Nonprofit Obtain Tax Exemption Status?2020-03-13T21:55:47-07:00