Not-For-Profit Accounting Services
We provide accounting services for Not-For-Profit organizations.
Many accounting firms dabble in not-for-profit accounting services. They may consider it an hour filler or a solution to off season staffing problems. At Squire, Lemkin + Company, in many ways we consider ourselves a not-for-profit accounting firm and helping not-for-profit organizations with their accounting needs is what we do best. It’s what we do most. And it’s what we truly enjoy. Our dedication to serving charitable organizations helps us understand their unique accounting, financial and compliance requirements.
Taxes are an important, though often overlooked area for not-for-profits. While many not-for-profits are exempt from federal income tax, there are other kinds of taxes which still apply to their operations. We help leading not-for-profits understand and comply with relevant local, state, and federal tax laws.
First and foremost, our not-for-profit service helps leading greater Washington D.C. and Baltimore area organizations comply with all the state and federal tax and regulatory requirements that come along with their tax-exempt status. But we don’t stop there. We also help clients comply with all relevant taxing requirements while minimizing tax liabilities whenever possible.
Our tax services for Not-for-Profit organizations include:
- Form 990 Preparation
- Sales Tax Compliance
- Application for Exempt Status
- Federal and State Compliance Services
- Unrelated Business Income Tax Issues
- For-Profit Subsidiary Structures
- Private Foundation Status
- Executive and Other Compensation Related Matters
- Employment Taxes
If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash...
Not-for-profit organizations may operate under the assumption that their missions and their board members’ good intentions protect them from litigation. Sometimes, this assumption is proven wrong with a lawsuit. To protect your leaders from financial exposure,...
Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7) and other provisions, nonprofits are tax-exempt. But your tax-exempt status is fragile. If you...