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It you have a great charitable idea then it may be the time to start a new Non profit organization to give back to the community and get compensated for your goodwill. Whether it's a 501c3 non profit organizations or otherwise, we can help you each step of the way from forming your Non profit Corporation to making sure you are in compliance with the IRS rules and regulations.
Starting a Nonprofit organization generally starts with forming a Nonprofit Corporation. Then, depending on your nonprofit purpose, you may be eligible to also apply for a 501c3 tax exempt status with the IRS and California state. Upon your 501c3 approval, donations made to your nonprofit may be tax deductible and the income earned by your nonprofit may be nontaxable.
We will help you with:
•forming your nonprofit corporation
•applying for tax exemption for your 501c3 tax exempt organization
(with the IRS and Franchise Tax Board)
•Preparing your federal and state nonprofit organization tax returns
•Providing bookkeeping services for your nonprofit organization
•Providing payroll services for your nonprofit organization
•Providing consulting services for your nonprofit organization through the year
Nonprofit Organization Free Tips and FAQs
| Q: Are nonprofit organizations allowed to make profit? |
Yes. In general, Nonprofit organizations are allowed to make profit. |
| Q: Can the directors of the nonprofit organizations receive salaries? |
| Yes. Generally, some of the directors of a nonprofit organization can receive a salary for the services rendered to the nonprofit organization. |
| Q: Can the directors of nonprofit organizations pay themselves all of profits of the nonprofit organization? |
| No. This is one major difference between a nonprofit organization and for profit organizations. Nonprofit organization directors can generally receive reasonable salaries, but for profit organization directors can pay themselves all of the profits of the corporation in addition to reasonable salaries. This is known as distribution of retained earnings. |
| What are some common web links for information on nonprofit organizations: |
For IRS tax and compliance information on your nonprofit organizations try http://www.irs.gov/charities/article/0,,id=148518,00.html
For California state tax compliance information on your nonprofit organization try the following FTB page referring nonprofit organizations to as exempt organizations
http://www.ftb.ca.gov/individuals/faq/beExempt.shtml |
Jerry Avetisyan, CPA. Certified Public Accountant and Business Consultant located in Glendale, CA. Certified Public Accountants, CPAs.
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