If a non-profit wants to be exempt from paying federal and state taxes on earnings from endeavors connected to its exempt purpose, it can petition for tax-exempt status on both the federal and state levels. This status makes the non-profit eligible benefits, including: Federal and state tax exemption: Non-profits that have tax-exempt status are exempt […]
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The Uniform Grant Guidance (2 CFR 200) is a set of regulations that govern the administration of federal grants to non-profits in the United States. These regulations are intended to ensure that federal grant funds are used effectively and efficiently to achieve the intended outcomes and objectives of the grant program. One of the main
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Source: IRS Standard Mileage Rate 2023 Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022. 22 cents
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March 25, 2022 IRS Suspends Mailing The IRS is suspending the issuance of several notices generally mailed to tax-exempt or governmental entities in case of a delinquent return. Due to the historic pandemic, the IRS hasn’t yet processed several million returns filed by individuals and entities. The suspension of the notices will help avoid confusion
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Source: IRS Standard Mileage Rate 2022 Beginning on January 1, 2022, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes
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Source: IRS Standard Mileage Rate 2021 Employers can use the standard mileage rate to see how much they can reimburse employees for driving their personal vehicle(s) for business purposes. Since the mileage rate is going to be used for claiming deductions and determining the reimbursement amounts, it carries importance. Use the IRS Mileage Rate 2021
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Source: IR-2019-215, December 31, 2019 WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates PDF used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or
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You will be able to manage, prepare and maintain fund balance reports manually or with a computerized accounting system. Prepare for A-133 audit requirements of some non-profit organizations depending on size of federal funding, and prepare and support grant fund allocations for funding sources. You will also learn to provide fund reports to management, auditors,
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Nonprofit Q&A: What Does It Mean for a Nonprofit to Lose Tax-Exempt Status? Since 2011, more than 500,000 tax-exempt entities have lost their tax-exempt status automatically. This started in 2011 when the IRS announced that 275,000 nonprofit groups — about 18% of the nation’s tax-exempt organizations — lost their tax-exempt status because they
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Today we are sharing some thoughts of what you should and should not do to remain compliant as a non-profit organization. Maintaining your Non-Profit status is key to keeping public accountability , and to receiving continued funding for your organization. The information contained here serves as a general guide to what it takes to maintain
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