Small California non-profits must now file an annual return with the Franchise Tax Board. Failure to file for three consecutive years will result in automatic revocation of state exemption. Until this year, California non-profits with gross receipts that normally did not exceed $25,000 had no filing requirement. As of January 1, 2011, all California nonprofits …
Posts Categorized: Taxes
The Tax Relief Act Does Give Breaks To Non-Profits
The Tax Relief Act (actually, “The Tax Relief, Unemployment Insurance Preauthorization, and Job Creation Act of 2010”), passed by Congress and signed into law by President Barak Obama late in December 2010 included several provisions that may directly or indirectly impact non-profit organizations. A summary of key provisions follows: The most immediate benefit felt by …
Non-Profit Tax Breaks In Danger
“Strapped Cities Hit Nonprofits with Fees” reports The Wall Street Journal in its December 27, 2010 issue. What’s it all about? Apparently, many municipalities are reconsidering the many special tax breaks received by non-profits. Typical is the exemption from property taxes offered in much of the nation. As an official from the National Council on …
California Franchise Tax Board Posts Organizations Exempt List For Public
At long last, the Franchise Tax Board has posted its list of organizations that are exempt from California franchise (i.e., corporate) tax. The list has been posted at https://bit.ly/lfnp120j. The primary purpose of the new FTB list is to allow the public to verify an organization’s exempt status. It also provides an organization the ability …
When Local Charities Lose, Everybody Loses
Our Spring 2010 newsletter spoke to the topic of the one-time filing relief for small organizations at risk of losing their tax-exempt status. You can view it here at https://lfnp.com/PDF/Spring-2010.pdf
Nonprofits Can Get Payroll Tax Credits
Small nonprofits may receive credits to payroll taxes for hiring new employees. If the nonprofit has: Fewer than 25 full time equivalent staff or employees; Annual wages average less than $50,000; and The employer picks up at least 50% of the premium for individual health insurance coverage, it may qualify. Learn more.