Thinking About Forming a New Charity?

Thinking About Forming a New Charity?

We see a lot of interest in forming nonprofit organizations around our clients’ interests and favorite causes. Does your organization qualify as a charity?

The IRS lays out specific stipulations for organizations that want 501(c)3 status in their latest Tax Tip.  If you have a charity or are interested in creating one, these guidelines and links can help you through the initial process.

If you need a tax return prepared for your charitable organization, we are available to assist with that. Just give us a call at 614-891-5423.

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529 Distributions & College Refunds

529 Distributions & College Refunds

Important to remember as we try to get our college students back to school:  Distributions from 529 plans must be used to pay qualifying expenses incurred during the tax year.

If you receive a refund of tuition, fees, or room and board paid from 529 plan funds, put that money back into the 529 plan within 60 days.

See this article for more specifics.

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Small Business Owners in Columbus & Franklin County:  There is Still Time to Apply for COVID-19 Recovery Grants!

Small Business Owners in Columbus & Franklin County: There is Still Time to Apply for COVID-19 Recovery Grants!

More than half of the $10.5 million of the COVID-19 Small Business Response and Recovery Fund is still available to help small (fewer than 25 employees) minority- or woman-owned businesses, according to BizJournals.com. These funds can be used to maintain jobs and operations, purchase personal protective equipment and provide low-interest loans for expansion. The new deadline to apply is September 11, 2020.

Click here for more information or to apply.

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