Avoiding Nonprofit Tax Traps

Avoiding Nonprofit Tax Traps

If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax. However, it is still possible for nonprofits to follow the rules and experience adverse tax...
Personal vs. Business Goodwill

Personal vs. Business Goodwill

You cannot physically touch goodwill, but it is a significantly valuable asset for many businesses. Although it is most commonly associated with professional service firms, goodwill can also exist among manufacturers, retailers, contractors, and other types of...