Each state has legislation regarding the number of allowed raffles and the limits for the value of raffle prizes. In North Carolina, raffles are limited by law to four per year for a nonprofit organization. Read more by clicking above.
Due to the recent surge in gasoline prices, the Internal Revenue Service (IRS) has revised the optional standard mileage rate, increasing it by 4 cents for the remainder of 2022. Click above to learn more.
Investing in an electric vehicle can be an effective way to reduce the environmental impact of gasoline emissions and cope with rising gas prices. IRC §30D provides a credit for qualified plug-in electric motor vehicles. Click above to learn more.
For tax years beginning after 2021, partnerships and S Corporations can make a Pass-Through Entity Tax (Taxed PTE) Election to pay North Carolina income tax at the entity level creating a deduction against pass-through federal income. Click above to find out more.
A nonprofit organization typically relies heavily on its donors to operate on a daily basis. Therefore, it is important for a nonprofit to have an understanding of why donors give to organizations. Click above to learn more.
Many nonprofits rely solely on donations from the community to fund the continuation of the organization. It is very important for your organization to acknowledge their donations for many reasons. Click above to learn more.
On November 18, 2021, North Carolina State Governor, Roy Cooper, signed the Current Operations Appropriations Act of 2021 (the Act). Click to learn more.
On November 15, 2021, President Joe Biden signed the Infrastructure Investment and Jobs Act (the Act), a $1.2 trillion bipartisan legislation intended to “build back better” the country’s infrastructure. Click to read more.
The Internal Revenue Service announced the cost of living adjustments (COLA) for tax year 2022. Click here for the defined contribution plan highlights.
It is vital for nonprofits to track donations and grants in an organized manner for tax and accounting purposes. Click here to learn more about accounting software options and benefits.
