There have been new developments in Indiana regarding nonprofit organizations and sales tax. First, effective for 2023, the form NP-1 is replacing form ST-105 for requesting sales tax exemptions. Existing ST-105s on file will remain valid through December 31, 2023. Form NP-1 will now be used to request sales tax exemptions for new vendors. Additionally, […]
Recently, the Indiana Department of Revenue rolled out changes that will affect nonprofit organizations throughout the state. These changes were released through Information Bulletin #17 and Information Bulletin #10. We are providing a summary of these 2 information bulletins and how they may impact your organization. We anticipate these changes will generate a lot of […]
The Consolidated Appropriations Act, 2021 (Act) was signed into law at the end of December 2020. We will be highlighting various tax provisions included in the Act over the next few weeks. The Act includes a provision for a second round of PPP loans for qualifying businesses (PPP2). To qualify for PPP2, a business must […]
The federal government decided to give a Christmas present this year to tax-exempt organizations, just 2 years after the government decided to leave them with a lump of coal in their stocking. The tax on Qualified Transportation Fringe Benefits (or employee parking) has been officially repealed. On December 20, 2019, Further Consolidated Appropriation Act of […]
You may think that only large, well-endowed not-for-profits require the advice of an investment manager. But even smaller nonprofits with modest endowments — particularly smaller nonprofits that don’t have in-house financial expertise — can benefit from hiring an investment professional. Finding qualified candidates Finding the right investment consultant for your organization starts with identifying a […]
On September 3, 2019, for certain entities and filing types currently registered to file/pay tax online, the Indiana Department of Revenue (IDR) will release their new online e-services portal called INTIME. The new portal will only be available for the following: C Corporations, S Corporations, Partnerships, Utility Receipts, Financial Institutions, Nonprofits, and Aircraft customers. Other […]
Nonprofit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities — […]
Competition is as fierce as it has ever been for private and public grants to not-for-profits. If your funding model depends on receiving adequate grant money, you can’t afford to submit sloppy, unprofessional grant proposals. Here are some tips on writing a winner. Do your research Just as you’d research potential employers before applying for […]
Restricted gifts — or donations with conditions attached — can be difficult for not-for-profits to manage. Unlike unrestricted gifts, these donations can’t be poured into your general operating fund and be used where they’re most needed. Instead, restricted gifts generally are designated to fund a specific program or initiative, such as a building or scholarship […]
Is your not-for-profit overpaying unemployment tax? Many employers are and don’t know it. Here’s how to find out and possibly reduce unemployment costs. Ensure accuracy The burden is on employers to ensure unemployment charges are accurate and to seek repayment if they believe they’ve been overcharged due to errors. First, make sure you’ve kept the […]