Not For Profit Tax Planning And Preparation

Account Service

Early tax planning and preparation for not-for-profit companies is essential because of their tax-exempt status. At DeFreitas & Minsky LLP, we strive to protect your company’s not for profit status to ensure your resources can be used towards organizational goals and objectives.

Not for Profit Services

Tax Planning and Tax Compliance

Comprehensive strategies to manage and optimize your tax obligations. We provide expert advice to ensure adherence to all tax laws and regulations, while proactively identifying opportunities for tax savings and efficiency in both your personal and business financial matters.

Non-Profit Tax Returns

Handling the unique tax filing requirements for non-profit organizations. We ensure accurate and compliant tax return preparation, helping non-profits maintain their tax-exempt status while navigating the complexities of non-profit tax regulations.

Audits of Entity Financial Statements

Thorough and independent examinations of your organization’s financial statements. We ensure accuracy and compliance with accounting standards, offering insights that enhance financial transparency and trust among stakeholders.

Accounting and Bookkeeping Assistance

Meticulous and tailored support to manage your financial records. We ensure accurate tracking of income and expenses, providing valuable insights for decision-making and helping maintain financial order and compliance for your business or personal finances.

Tax Exempt Planning Concerning Related Entities

Specialized strategies for managing tax-exempt organizations and their interactions with related entities. We focus on maintaining compliance, optimizing tax positions, and navigating the complex rules governing transactions between related tax-exempt and taxable entities.

Unrelated Business Expense

Expert guidance on identifying and managing tax obligations arising from income that non-profit organizations generate through activities unrelated to their exempt purpose. We ensure compliance while minimizing tax liabilities, helping maintain the financial health and tax-exempt status of your organization.

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One of our certified public Accountants

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Speak to One of Our Certified Public Accountants

Testimonial

WHAT OUR CLIENTS ARE SAYING!

DeFreitas & Minsky maintains high standards, produces detailed information and gets involved with our company so they can understand the operation on a more personal level. The information they provide is always accurate and current. We have been with them for more than 30 years!

4 years agoThis is my second year filing my taxes with DeFreitas & Minsky. I was referred by a friend. Honestly, It’s a blessing sent. Everyone there is professional and knowledgeable about tax codes. They even keep me abreast via email whenever there’s a new tax law and what it entails. I feel safe and sound when doing business with them.

True professionals and attentive to all of my needs. Manny, Melissa, and Michael are all super helpful. They took the time to help me with my taxes, financial planning, and estate tax needs. I highly recommend them.

We’ve been working with Manny for the last 10 years. Whenever we have a question he’s there and if he’s in a meeting during Tax Season (it happens), Jay is always there. Thank you Gentlemen.

Frequently Ask Questions.

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What unique tax considerations apply to non-profit organizations?

Nonprofits are subject to specific tax exemptions and requirements, such as maintaining their tax-exempt status and filing Form 990.

How can a non-profit maintain its tax-exempt status?

By adhering to IRS guidelines, which include limits on political activities, reporting requirements, and ensuring profits are reinvested into the organization's mission.

What is Form 990 and who needs to file it?

By adhering to IRS guidelines, which include limits on political activities, reporting requirements, and ensuring profits are reinvested into the organization's mission.

How can our non-profit benefit from tax planning?

Effective tax planning can help nonprofits optimize their resources, comply with tax laws, and avoid penalties.

Are donations to our non-profit always tax-deductible?

Generally, donations to a registered non-profit are tax-deductible, but donors should consult their tax advisor for specific advice.

What records should a nonprofit keep for tax purposes?

Keep detailed records of income, expenses, donations, and any business-related activities.

Can a non-profit have taxable income?

Yes, if a non-profit earns income from activities unrelated to its exempt purpose, this income may be subject to tax.

How often should a non-profit review its tax strategy?

Annually, or more frequently if there are significant changes in operations or tax laws.

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Call Us

516.689.1515

Headquarter

30 Jericho Executive Plaza Suite 500W, Jericho, NY 11753

Email Us

Info@dmcpallp.com

Account Service