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.
This year, we are excited to announce our Individual Income Tax Organizer process is now completely electronic through SafeSend Organizer! SafeSend Organizer will take the place of the organizers and questionnaires we’ve historically sent separately through the mail or the portal at the kick off of tax season to help you get organized. In addition to SafeSend Organizer, we will again use SafeSend Returns as our electronic delivery service for you to review and sign your return electronically.