A personal guarantee is a legal mechanism to make one person personally liable for a debt that otherwise isn't theirs. For example, when I was in college, my first landlord asked for a parent to …
Reporting Unrelated Business Income
If you're a nonprofit with unrelated business income, you need to know how to report unrelated business income to the IRS. Nonprofit taxes are not fun. However, if you keep proper records, they can be …
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Gaming Activities Excluded From Unrelated Business Income
Sometimes nonprofits raise money using gaming activities. Normally revenue generated from these activities is subject to taxation because it's unrelated business income (UBI). However, the IRS may …
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Unrelated Business Income
Unrelated business income (UBI) is something every nonprofit owner needs to know about. By default, income in a nonprofit is tax free. However, you may owe tax on certain income that is unrelated to …
What is an Intangible Asset?
An intangible asset is any asset that has no physical form. However, this asset does not include monetary assets. Goodwill Goodwill is basically just the value of a company that cannot be …
Don’t Do Tax Withholdings Yourself
In my opinion, you shouldn't do tax withholdings yourself. Why? Because there are a lot of companies out there willing to do it for you for super cheap. It doesn't make sense for you to stress about …