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Cost of Goods Sold429 DownloadsCost of Goods Sold (COGS) is an important accounting concept for businesses that sell physical goods. It represents the direct costs associated with producing or acquiring […]

In-Kind Donations For Nonprofit Organizations410 DownloadsIn-kind donations are non-cash gifts made to nonprofit organizations. They can include goods, services, time, and expertise. Individuals, corporations, and businesses can all make in-kind […]

Nonprofit and Governmental Organizations Restricted Funds371 DownloadsNonprofit and governmental organizations often receive donations and grants that are restricted to being used for specific purposes. These restricted funds can be a […]

Best Practices for Hosting Nonprofit Fundraising Events408 DownloadsFundraising events are a great way for nonprofit organizations to raise money and awareness for their cause. However, planning and executing a successful […]

Tax Filing Requirements For Nonprofit Organizations411 DownloadsNonprofit organizations are exempt from paying federal income tax, but they are still required to file annual tax returns with the Internal Revenue Service […]

Two Main Classifications Of 501c3 Nonprofit Organizations423 Downloads501(c)(3) is a section of the Internal Revenue Code that provides tax-exempt status to certain nonprofit organizations. These organizations must be organized and […]

Tips For Growing Your 501c3 Organizationa395 DownloadsGrowing a 501c3 organization can be challenging, but it is also incredibly rewarding. There are many different ways to grow your organization, and the […]

Owner’s or Members’ Draw: Not Deductible Business Expenses405 DownloadsOwner’s or members’ draw is a common way for business owners to take money out of their businesses for personal use. However, […]

IRS Interest and Penalties Don’t Take a Break1347 DownloadsOne of the most costly penalties is the Failure to file penalty but it is the most evitable penalty also. The failure […]