Information

The definition of a “charitable lead unitrust” is a special type of financial vehicle that makes it possible for someone to give money to charity while still retaining their assets. An asset is placed within a trust which is managed by a trustee. The profits derived from the asset is given to charity for a […]

An irrevocable trust is a type of trust that cannot be altered by the grantor without the permission of the beneficiary. A grantor may put assets in an irrevocable trust for a beneficiary to benefit from, or a revocable trust may become an irrevocable trust upon a grantor’s death. Another advantage is that an irrevocable […]

A sports teams community is a type of organization that is considered a non-profit and thus fall under tax-exempt status with the IRS. Does this type of organization also need an employer identification number, though? The answer is a resounding yes. Having an employer identification number as a sports teams community organization is important and […]

A parent-teacher association or parent-teacher organization (PTA or PTO) are different types of school organizations that all come together for a purpose and that is to try and help the schools, students and the communities they support. All of the individuals working for the PTA or PTO will be considered volunteers; and while they have […]

Understanding exactly what a withholding agent is can be beneficial for a variety of reasons. Per the Internal Revenue Service, a withholding agent is a person that is either from the United States, or a foreign individual, which has full control over an item of income of a foreign person subject to withholding. The control […]

Even though you are a non-profit organization, that does not mean that you are not going to need to have a bank account, with funds, in order to handle incoming money as well as paying out of expenses. The goal with a non-profit organization is to have your income and your expenses net out to […]

Do you have a partnership that you are trying to get off of the ground? When you are starting up a partnership, there are going to be some tasks that you take on. These will be business-related tasks that will allow you to do things such as put cash or liquid assets away, record revenues, […]

What is the definition of a sports team or teams in the eyes of the Internal Revenue Service? If you have a sports team as part of a community, where do they fit in regarding their tax status, what they are liable for versus not, etc? You want to think of the sports team or […]

Do you know the difference between a PTO and PTA school organization? These are two common types of Non-Profit Organizations as defined by the IRS. The PTA “Parent Teacher Association” and the PTO “Parent Teacher Organization” have distinct differences between the two. A Parent-Teacher Association (PTA) is defined as “an organization of local groups of […]

Does a non profit organization have a need for an employer identification number? Just like any other organization, it is important for the non profit group to have their own Tax ID (EIN) number. The need for the non profit organization to have an employer identification number is the same as any other business. The […]