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Financial Challenges Faced by Non-Profits and Solutions to Help Them Succeed

AccountingDepartment

Non-profit organizations often stand at the frontier of social change, operating with the noblest of causes but facing challenges unique to their sector, particularly in the financial realm. With a mission-driven focus and often a limited budget, navigating the complex financial landscape of a non-profit can be daunting.

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What is a sales tax exemption?

TaxConnex

Certain products and services may be non-taxable and not require an exemption certificate. The presumption is that the sale of tangible personal property is generally taxable unless specifically enumerated while services are generally non-taxable unless specifically enumerated. There are many exceptions to these “general” rules.

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What’s new: state sales and use taxes

TaxConnex

Maryland held that a for-profit company’s purchases for non-profit hospitals were subject to the state’s sales and use tax because there was no agency relationship between the company and the hospitals and, even if an agency relationship existed, that alone would not entitle the for-profit company to an exemption.

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Options in Mitigating Past Sales Tax Liability

TaxConnex

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. Prior-period liability can be extremely costly as states and jurisdictions crack down on non-compliance. When filing these prior period returns, you will be assessed various penalties and interest as a result of non-compliance.

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Blog: 6 things to know about sales tax in Canada

TaxConnex

companies sell profitably to the north? non-compliance?across Sure, if statistics are any indication Canada is the 10th-largest eCommerce market in the world estimated at 35 billion USD last year. Sounds enticing. What about the sales tax obligations? See our full blog on sales tax and selling into Canada here.). Contact us ?to

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Charity Scams: A Small Business Perspective

RogerRossmeisl

Although there are plenty of non-profits that deserve your support, some exist solely to facilitate fraud. One of the most effective ways that they secure donations is by creating entities that resemble established non-profits. Many businesses support their communities by donating to local charities.

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The Growth of E-Commerce and Your Sales Tax Obligation

TaxConnex

Amazon’s net profit grew more than 80% in 2020. According to the National Retail Federation, non-store and online sales are expected to grow 18% to 23% this year over 2020. And here are some more numbers : E-retail totaled over $4.2 trillion in 2020. Cross-border e-commerce sales worldwide grew more than 20% in 2020.