Non-profit organizations, also known as tax-exempt organizations are required to file tax returns, unless specifically exempt, even if they have no income taxes due.

From volunteer firefighting stations to the local VFW, from community theater groups to benevolent associations they must record, organize and file special returns with the IRS.

Individual and business returns are essentially income and expense forms with the “net” being taxable.
Non-profits have the additional burden of including a balance sheet listing all assets and liabilities along with their income and expense items.

This makes it critical that they keep good records; which can be a challenge since they tend to be volunteer-run and operate on a “shoestring budget”. The big hammer, the tool, the IRS uses to keep non-profits in line is the ability to revoke non-profit status if you don’t follow their rules.

I volunteer for three tax exempt organizations so I understand their special needs. Call me for a free 45 minute consultation at 937-372-7775 or click here to contact me.

Greene County Tax Preparation Services

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