In recent years the discourse on nonprofits and the function of nonprofit organizations in society has included a new term, a term that, depending on who you ask, may cause interest, confusion, or derision. The term, I am referring to is the “nonprofit industrial complex”. In 2004, the term was coined by INCITE!, a national …
Dissolution, the process of officially closing down a business, can be a complex process given the assets and liabilities of a corporation. Once a governing body of an organization decides on a dissolution, having a plan for dissolution from start to finish can save on time and costs. That being the case, this blog is …
If you’re a foreign person owning, operating, or otherwise doing business in the United States, you may be wondering if you’re eligible to obtain a Federal Employment Identification Number (FEIN) and how to do it. The good news is that foreign persons who have a business or other tax-related activities in the United States are …
FOREIGN OWNED BUSINESSES IN THE U.S. – EIN APPLICATION Read More »
Dissolution of a corporation refers to the official closing of a corporate entity, which can be a complex process. Below is a brief introduction of the types of dissolution with the state. There are 3 main ways a company can be dissolved – administratively, voluntarily, and judicially. I will not detail the judicial dissolution process …
Overview Have you or your entity recently faced a rejection from the Washington Secretary of State (“SOS”) regarding the use of a private mailbox address (“PMB”) for a principal office street address? You are not alone! The SOS has recently become stricter on the use of PMBs for an entity’s principal office street address. While …
Washington Secretary of State, Physical Addresses, and Private Mailbox Address (PMB) Read More »
Overview Each year in Washington, nonprofits formed in Washington or registered to do business in Washington must file an annual report with the Secretary of State. The annual report is usually due around the nonprofit’s formation or registration date. The filing requires basic information such as the physical and mailing address of the entity, the …
2022 Annual Report Requirements for Nonprofits under RCW 24A.03 Read More »
Overview 501(c)(3) charities are facing relaxed regulations in what they must disclose in tax filings to the IRS. Currently, pursuant to 26 U.S.C. § 6033, a 501(c)(3) organization must annually disclose to the IRS on Form’s 990 Schedule B the total amount of contributions and gifts received by it during the year and the names …
SCOTUS Ruling on Donor Disclosures Sets off Wave of New State Legislation Read More »
Overview Earlier this week, Governor Inslee signed into law Senate Bill 5034. Simply put, this law completely overhauls and replaces the current version of the Washington Nonprofit Corporations Act. The effort to pass this law started in 2008 with the adoption of the Model Nonprofit Corporations Act by the Washington State legislature. From there, a …
Washington State Passes New Nonprofit Corporations Act! Read More »
Many are confused by nonprofit and tax-exempt corporations. They can be similar to some extent, but they have many differences in tax obligations. If you’re thinking of starting a social enterprise, it’s essential to understand what “not-for-profit” means. Many believe that nonprofit organizations do not pay taxes. This isn’t really the case. Nonprofits like churches and …
Tax Obligations and Filing Requirements of Nonprofit Organizations Read More »
Filing requirements for tax-exempt organizations can be a maze of bureaucracy. Though many tax-filing requirements can be similar for the different types of tax-exempt organizations, there are key distinctions 501(c) organizations should be aware of. Fortunately there are tax preparation services that can help in this matter. Though before we go any further, it is …
A Brief Overview of Tax Obligations and Filing Requirements of Nonprofit Organizations Read More »