A bipartisan group of U.S. senators has introduced legislation to expand and extend the non-itemized deduction for charitable giving. Dubbed the Charitable Act, the bill would increase the previous $300 deduction permitted in 2020 and 2021 (or $600 for married couples filing jointly in 2021). The bill would allow taxpayers who don’t itemize their deductions…

In the shadow of a tight labor market and the so-called Great Resignation, nonprofit organizations reported overall average salary increases of almost 6% for all staff in 2022, with projections for increases of more than 5% for 2023. That’s just one of the tidbits in The NonProfit Times’ nearly 600-page “2023 Nonprofit Organizations Salary and…

The IRS can initiate an audit of your nonprofit organization for any number of reasons. But perhaps the most common is a red flag sent up by your annual filing of Form 990, “Return of Organization Exempt From Income Tax.” Read on to learn the potential trouble areas and how you can reduce your audit…

It’s easy for disaster planning to fall by the wayside when your nonprofit is focused on pursuing its mission. But taking the time to prepare now can help you avert mission-threatening consequences later. From hurricanes, wildfires, active shooters and cyberattacks — to events as seemingly minor as a burst pipe — your operations are vulnerable….

Obtaining a determination letter from the IRS is no guarantee that a nonprofit organization’s tax-exempt status is secure for the long run. Your nonprofit must meet additional requirements to maintain its exempt status. Required filings and recommended recordkeeping Although your organization is exempt from income taxes, it’s probably required to file an annual IRS Form…

Why it’s important to establish a formal plan Whether it’s for employees, board members or other volunteers, your nonprofit organization likely will need to provide reimbursements for expenses at some point. While some nonprofits handle such transactions on an ad hoc basis, you’re better off establishing a formal reimbursement plan. Here’s what you need to…