Nonprofit Tax
Requirement to Notify IRS of Changes to Responsible Party
Beginning January 1, 2014, any entity with an EIN (Employer Identification Number) must file Form 8822-B to report the latest change to its responsible party. The “responsible party” is the person who has a level of control over the funds or assets in the entity that, as a practical matter, enables the individual, directly or […]
Your Nonprofit Organization May Owe Property Taxes
Massachusetts law provides for an exemption from local property taxes on real estate and personal property (equipment, furniture, etc.) for certain qualifying nonprofit organizations. Not all organizations qualify for this exemption, and not all properties of qualified organizations are eligible for exemption. By law, the burden of establishing entitlement to an exemption falls upon the […]
For-profit subsidiaries
Create your own funding source Imagine this — and, unfortunately, it may be easy: Your largest private donor, a foundation, has whittled down its funding amounts to reach more organizations. And since the onset of the recession, individual donations to your nonprofit have dropped by 45%. Meanwhile, your not-for-profit’s expenses, and ambitions, continue to climb. […]