Not For Profit Tax Services

When you’re a non-profit organization, not meeting your financial goals can impact how many lives you can change with your services. At Schultz, Wood & Rapp, we’re keenly aware of this responsibility — which is why we’re committed to helping our non-profit clients reach their goals. Our non-profit accounting and tax specialists have the expertise to help you balance tight budgets and stretch resources. Even more, we have the passion to help you unlock the potential of your organization to impact more lives.

Every non-profit organization has unique needs. Besides playing a vital role in the communities you serve, you have to face the realities of operating in a complex environment, often with constrained resources. There is competition for funding, keeping up with fiduciary responsibilities, complex financial reporting, audit and tax compliance requirements and pressure to be more efficient.

In order to protect its tax-exempt status, annual filing of tax returns are required for by the IRS for 501(c)3 and 501(c)4 entities.  Although not generally subject to federal and state income taxes, certain aspects of a non-profit organization may be taxable or may trigger other tax attributes that will impact taxation.  Schultz, Wood & Rapp’s tax professionals will assist organizations in properly disclosing the operational, financial, and mission-oriented components necessary to properly file Form 990 and Form 990-T tax returns.

The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it’s imperative that you build your accounting system around these revenue and expense classifications. Considering the changes in legislation, new accounting standards and increased tax reporting compliance, it’s more important than ever to partner with a firm with non-profit experience. We will keep you abreast of current issues and take a proactive role in helping you address them.

Our tax consultants have significant expertise in non-profit tax matters. We monitor tax developments affecting non-profit organizations and keep you in the know on those that impact you directly.