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What are the tax obligations for charities and nonprofits?

ThomsonReuters

How to file taxes for nonprofits What are the 501(c)(3) reporting requirements? Helping clients with Form 990 and charity exemptions Charities and nonprofits must comply with tax obligations in order to maintain their tax-exempt status. Ensure that the nonprofit organization’s tax-exempt status is up to date.

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How to Start a Nonprofit Organization in 2021 (Step-by-step)

LyfeAccounting

How to start a nonprofit organization in 2021 – otherwise known as a 501(c)(3) organization. So, a nonprofit organization is a business entity in which your goal is not to be profitable… …but to make money to expand on a social clause like feeding the homeless or helping victims of harsh circumstances. Keep reading!

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Sustainability, audits, and DEI: Tying it all together

ThomsonReuters

What is a sustainability report? A sustainability report, or environmental, social and governance (ESG) report , is essentially a report published by a company about ESG impacts. The report is an important communication tool that enables the company to be more transparent about the risks and opportunities it faces.

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Schedule A and tax-deductible donations to charities

ThomsonReuters

For accountants, understanding the ins and outs of tax deductions for charitable contributions , including how to properly report monetary donations using Schedule A, is an essential part of tax planning for clients. Yes, in certain situations, you can carry over charitable contributions that exceed the annual deduction limit.

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What is a CPA, What Do They Do, and Who Needs One? Here’s Everything You Need to Know

LyfeAccounting

In Fortune 500 corporations, CPAs might help prepare annual reports for shareholders and record very complex financial transactions. They can help public companies report to shareholders. Here’s Everything You Need to Know appeared first on Small Business Accounting & Finance Blog.

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AICPA Code of Professional Conduct: What accountants need to know

ThomsonReuters

In 1907, accountant Joseph Edmund Sterrett spoke at the annual meeting of the American Association of Public Accountants, voicing the importance of ethics and setting in motion the notion of a code of professional conduct. For example, members who work with or in industry, nonprofit organizations, the public sector (e.g.

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Improve financial reports with visual business data

ThomsonReuters

Nonprofit and governmental entities also rely greatly on the use of infographics to share operational successes and achievements with their stakeholders. a visual summary of an organization’s success than they are its annual report. How accounting firms can use visual data to improve financial reports.