How to Prevent Losing Your Nonprofit’s Tax-Exempt Status
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How to Prevent Losing Your Nonprofit’s Tax-Exempt Status
One of the biggest obstacles I see that many nonprofit organizations have is understanding their tax responsibilities.
What?
Aren’t most nonprofit organizations tax-exempt?
Yes, that’s true, but it doesn’t mean that they don’t have to file their taxes annually.
Nonprofit Consultants
Noura also talks about tax and bookkeeping responsibilities for nonprofit consultants that serve nonprofit organizations.
These include what your business status is (Sole Proprietorship, LLC, Sole Corporation, etc.) and what your tax claims are (married, single, head of household, etc.).
Noura discusses some key ways in how nonprofit consultants and freelance grant writers can approach their finances and make sure that they do not get penalized by the IRS.
This is super important so that nonprofit consultants can continue to run their businesses and serve nonprofit organizations!
In fact, if your nonprofit organization does not file their taxes for three years, they will lose their tax-exempt status!
But this isn’t the only way that they can lose their nonprofit tax-exempt status. There are many more that Noura Almasri explains.
What We Discuss:
- About Noura’s Books
- How Noura Got Started in Nonprofit Work
- Nonprofit Accounting vs. For Profit Accounting
- Should Nonprofits Fill Out the 1023 EZ Form?
- 990s Forms for Nonprofits
- Red Flags to Avoid in Losing Tax-Exemption
- Why It’s Important to Invest in Accounting
- Nonprofit Consultant Accounting Issues
- Estimated Taxes for Consultants
- Tax Planning Importance
- Do You Need to Keep Receipts for Your Taxes?
About Noura
Noura Alsmari is an Enrolled Agent and the founder of Noura’s Books, a Tax and Accounting Firm. She has a master’s degree in Business Information Technology from DePaul University. With 22 years in accounting and 15 years in nonprofits experience she has served in different capacities where she has developed and implemented managerial and financial strategies that led to significant growth in these organizations. Noura also served in accounting and finance in different companies in corporate America.
- Grab your free downloadable “How to Maintain Your Nonprofit Organization’s 501(c)3 Tax-Exempt Status” http://bit.ly/MaintainTaxExemptStatus
- To book a free consultation with Noura, click here: https://bit.ly/ChatwithNoura
- Noura’s Books is also a proud silver sponsor of the Nonprofit Consulting Conference happening on August 25th and 25th, 2022. Click here for more information: https://nonprofitconsultingconference.com/
- Contact Noura on LinkedIn
- Watch Noura’s Books on YouTube for helpful videos on taxes for your nonprofit organization or nonprofit consultancy!
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