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THE SMART BUSINESS OWNER’S LIST OF TAX DEDUCTIONS

For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

Do your funders know?

Your organization depends on its tax exempt status to fulfill its mission. Losing this could cost you funding, and thousands of dollars in taxes, fines, and penalties.
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Non Profit Reinstatement 1

What does it mean?

Tax exempt organizations are required to file an annual return or notice with the Internal Revenue Service. If the IRS does not receive this form for three consecutive years their non-profit status will be revoked. If this happens you may be disqualified to apply for grants, must inform your donors that their tax contributions are not deductible, and may be personally liable for unpaid taxes.

Am I in trouble?

If you are not tax-exempt you will have to pay taxes on funds received. A non-profit’s unpaid taxes can raise the biggest risk in terms of board members’ liability. The IRS may turn to the board of directors for payment. The good news that if your non-profit has been a do-good organization the IRS will allow for your status to be reinstated from the date you formed, removing the risk of ever being taxable.

How can we help?

We are experts in helping non-profits regain their tax exempt status. We have an internal process that has been created with one goal in mind: reimnstating our clients non-profit status ASAP. Our experience has made us very familiar with ways to expedite the process and avoid many red flags along the way.

What do I need to do?

Contact one of our tax professionals to discuss your specific situation. This initial consultation is FREE of charge, and will provide you a chance to get answers to your questions. Also see our FAQ.

Frequently Asked Questions

What if the IRS had the wrong address?

Unfortunately, the IRS puts the onus on the tax payer to notify them of address changes.

I am a new board member, this is not my fault.

The organization’s current board is responsible for resolving the tax exempt status. It is often priority #1 for new board members.

Why not jsut do it myself?

This is an option; you can also technically represent yourself in court. However, getting it done right the first time by a professional will save $$$ in the long term, will give you peace of mind, and will get your organization back on its feet sooner.

What happens to my funders?

Once you lose you non-profit status future contributions are not deductible. However, if you are granted retroactive reinstatement, this should not be too much of an issue.

We can get your organization reinstated.

Our team of certified CPAs and accountants are experienced and trained to help nonprofits with taxes and accounting issues. Get in touch with us today!

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