Grants and regulatory reporting.
The Pension Protection Act of 2006 caught the nonprofit community off guard. In 2011 the Internal Revenue Service automatically revoked the tax exempt statuses of 275,000 nonprofits, changing the nonprofit industry. The rule is simple; any nonprofit that fails to file an annual return three years consecutively, will automatically have their tax exempt status revoked.
The law is simple, but having the right accounting resources in place can be cumbersome when you are a nonprofit entity with a tight budget. simplerAccounts have the capabilities and capacities to address your nonprofit’s short-term needs such as tax exempt status reinstatement or long-term financial reporting requirements to donors and stakeholders. Our subscription accounting package, SIMPLERBookkeeper, is designed to address nonprofits’ financial reporting needs.
Tax Exempt Status Reinstatement
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The Top 12-States With The Highest 501- Revocations. Where Are They Losing Their Tax Exempt Status the Most? #revocations #Auphsite #nonprofits #compliance#forecasting #budgeting #reconciliations#Outsourcing #Resources #losetaxexemptstatusread more