In this episode of Charity Therapy, Meghan and I bravely step into the IRS maze.
Don't worry - we've got a flashlight and a sense of humor to guide us through!
We talk about the unexpected humanity we found within the walls of this bureaucratic behemoth. We also unravel the often confusing and frustrating world of the IRS's automated systems, swapping anxiety for some much-needed clarity.
In the second half, we take a deep dive into the world of nonprofit tax filing compliance. From the importance of filing your 990 with the IRS to the potentially disastrous consequences of neglecting it - we cover it all.
But it's not all doom and gloom!
Meghan and I underline the benefits of electronic filing and emphasize the importance of getting proof of filing from a trusted CPA. And yes, we also talk about the dire implications of a three-year filing lapse - buckle up, it's a wild ride!
Finally, we discuss having the right professionals guiding your nonprofit's finances. Why? Because the stakes are high, and a wrong move with the IRS can be catastrophic. We also share why you need a CPA who specializes in nonprofit accounting and how these professionals can help your nonprofit grow.
Remember, Meghan and I are here to help you navigate these choppy IRS waters!
In this episode, you will hear:
-
The bureaucratic complexities of the IRS
-
The difficulties in dealing with the IRS's automated systems and some common frustrations
-
Nonprofit management and tax filing compliance
-
The serious consequences of neglecting to file a 990 form with the IRS
-
The implications of a two-year filing lapse
-
Why not filing taxes for two years can cause a loss of C3 status
-
How electronic filing can save you hassle
-
The critical role of professional guidance in nonprofit management
-
Hiring a CPA specializing in nonprofit accounting
-
How a CPA can help guide a nonprofit's growth
Resources from this Episode
Sign up for Birken Law Email list: https://birkenlaw.com/signup/
Facebook page: https://www.facebook.com/birkenlaw
Follow and Review:
We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
