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
High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according to a recent report, “Philanthropy and COVID-19 in the first half of 2020,” from the Center for Disaster...
Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable. Financial obstacles can appear at any time and...
According to the Nonprofit Times, only 41% of not-for-profits have whistleblower policies. Perhaps nonprofit leaders believe their organizations are too small or collegial to worry about illicit activities — let alone people reporting them. Or perhaps a...