It’s time to think about year-end charitable contributions. For 2021, there are a plethora of enticing incentives for donors looking for a tax deduction for their donations. 100% Deductibility 2021 is the last year that cash donations to public charities (other than donor advised funds) will be deductible in amounts up to 100% of the …
Charitable contributions are a main source of funding for most non-profits. In order for your donors to receive a tax deduction for making charitable contributions, they must be properly and appropriately acknowledged by the nonprofit. You may be surprised to learn that there are several important things your organization must do to ensure that donors …
Most new charitable organizations are looking to become tax-exempt under Internal Revenue Code section 501(c)(3). However, before making the decision to incorporate as a nonprofit corporation and apply for tax-exemption, it is important to know the pros and cons. Operating a nonprofit corporation with 501(c)(3) status comes with significant advantages, namely income tax-exemptions for the …
Even at this early stage in the COVID-19 pandemic, nonprofits are already reeling from its effects. And they promise to be devastating. It’s too soon to predict the ultimate impact, but it’s a fair projection that economic ruin will fell many organizations – unless they are saved by patrons funders and legislators. Performing Arts Hard …
Is your nonprofit a target for the Attorney General? This week, the head of the California Attorney General’s Charitable Trust Section, Tania Ibanez, provided an update on its enforcement of laws regulating charities. That update revealed that the Attorney General is scrutinizing charities that solicit donations for purposes related to veterans, cancer treatment and animal …
Beware of charity scams. Do your homework before donating. Those are the warnings issued to the public by CNBC in a recent report about fraudulent nonprofits. The CNBC report focused on an unprecedented enforcement action in 2015. The Federal Trade Commission, along with all 50 states and other law enforcement authorities, filed a complaint against …
