As a nonprofit, your tax-exempt status with the IRS is based on how your organization is organized and operated. Your tax-exempt status exempts your organization from federal income tax on income related to your organization’s exempt operations. However, in the process of actually operating your nonprofit, there are times you’ll engage in a certain amount of activity unrelated to your exempt operations that produces income. This income is called unrelated business income and it may be taxable.
The start of a new year is an obvious time to strategize for your manufacturing business, but really, any time is the right time to invest in strategies and initiatives that will help your business grow. Below are five areas manufacturing businesses should consider investing their resources this year.
Spencer Helwig joined Corrigan Krause as a first year associate in September 2020. Starting his career during a pandemic was certainly a unique way to break into the accounting industry, but the pandemic wasn’t the only challenge ahead of him. Looming just after the holidays, before the first signs of spring, was his first busy season at a public accounting firm.
It’s that time of year again, tax time is here! Our goal is to take the headache out of the tax filing process – we’re here to help you make tax time less taxing. Every year, we strive to provide you with the best experience possible, and we take necessary steps to make the process easier and smoother than the previous year.