The Unexpected Tax Consequences from Crowdfunding

Many crowdfunding platforms such as GoFundMe, Kickstarter and Indiegogo have fees ranging from 5% to 9%. Each platform specifies its own charges, limitations, and withdrawal processes. And in addition to those fees, funds raised may be taxable, depending on the purpose of the campaign. Here’s how each type of crowdfunding goal is taxed.

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Nonprofit Crowdfunding 101

Whether you’re an established nonprofit, a concerned family member, or just someone with an idea and the drive to achieve it, crowdfunding can be an effective way to raise money and awareness. These days all it takes is a cause, an email address, and social media to start raising funds. If done properly you might find yourself meeting your goals in no time. But before you get started with your crowdfunding endeavor, especially as a nonprofit organization, there are a few tips and tax considerations to consider.

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Giving Back Responsibly: 3 Year-End Tips for Making Charitable Contributions

As the end of the year approaches and the holiday season brings on the spirit of giving, we will all see an uptick in the number of charitable solicitations arriving in our inboxes. And since some charities sell their contributor lists to other charities, frequent contributors may find themselves besieged by requests from unfamiliar organizations.

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Case Study: How Accounting Services Can Benefit Nonprofit Organizations

Our firm has been a significant resource to nonprofits when they’ve faced an unplanned crisis. When staff responsibilities are stretched thin, it’s vital that financial operations remain uninterrupted. But that’s not always the case, especially when the single team member responsible for accounting activities is unavailable.

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How to Properly Account for Your Nonprofit Fundraising Event

If your tax-exempt nonprofit organization utilizes annual fundraising events to raise money, you’re not alone. Many nonprofits host dinner galas, golf tournaments, runs/walks, carnivals, concerts, etc. to raise awareness and funds for their cause. And for many small to mid-size nonprofits, these special events are major sources of revenue that support internal operations which deploy the organization’s mission.

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2018 Midyear Nonprofit Updates

Cray Kaiser recently attended the 37th Annual Conference for Not-For-Profit Organizations hosted by Chicago-Kent College of Law. The conference provided two major takeaways that will directly impact our nonprofit clients. If either of these topics raise questions for your organization, please do not hesitate to contact us today.

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11 Common Errors in Preparing Your Nonprofit Form 990

Filling out the Form 990 timely and accurately is critical to all nonprofit organizations trying to comply with IRS requirements, validate their exempt purpose, and attract responsible donors. Errors in filling out the form can lead to misinterpretation of your organization or worse: an assumption that you may be one of the fake organizations. Here are 11 common errors to avoid.

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Understanding Audits for Nonprofits (Part 1)

Going through an audit can be a very daunting experience. That goes for both independent audits of your financial statements as well as those necessitated by the IRS. Even though an independent audit has a completely different purpose than an IRS audit, the process can feel equally stressful if you don’t know what to expect. So, how do you know if you need a financial statement audit? When should you begin?

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