The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state, and local government agencies require audits, as do some banks and foundations. Generally, the requirements
Established in 1971, OSHA requires all employers, regardless of the industry, to provide a safe work environment for their employees. In the case of an accident, OSHA is part of the investigation process, but they also reinforce preventive measures. Many
If you’re running a business, you’re on the hook for a variety of taxes. Let’s take a look at the main categories: Income tax — All businesses except partnerships must file an annual income tax return. (Partnerships file an information
Nonprofit accounting may seem overwhelming at times, but it becomes easier once you begin to understand how finances function and move within your organization. By using this info, you can implement best practices for effective accounting decisions. With the right
If you work for a nonprofit that’s funded by grants or donations, you need to keep ironclad records in order to account for every penny if you’re ever audited. However, that doesn’t mean you must retain all your files forever.