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private school, scholarship, tuition -

It is time to go back to school (hopefully!). If your school receives scholarships from a governmental unit for specific children, you can track these in QuickBooks. The examples I’ll be showing are using the Premier version, but the same concepts work for QuickBooks Online. Assumptions: Let’s start by reviewing the assumptions. For this example, I assume: the parents apply directly to the government or grantor for the scholarship money is paid directly to the school payments are received by semester from the grantor if a student drops out, the scholarship money is prorated and given back to the grantor...

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990, nonprofit, taxes -

The IRS form 990 is ordinarily due by the 15th day of the 5th month after the end of the charity’s tax year.  But 2020 has been anything but ordinary.

Organizations with calendar year-ends who need to file a Form 990, 990EZ, 990N, or 990T, the deadline was moved from May 15th to July 15th. It was nice to have a breather, but July 15th is going to be here before we know what hits us.

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You have applied for your 501(c)3 status, so you should be exempt from taxes, right? Not necessarily!

When you applied for your exemption, you told the IRS what charitable or educational purpose your organization had. The IRS then granted you tax relief for activities related to that mission.

They did not, however, give you tax relief for income not substantially related to your designated purpose.

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churches, IRS, nonprofits -

Since the Tax Cuts and Jobs Act (TCJA) in late 2017 and the Taxpayer First Act of July 2019, there are significant changes in tax regulations.  The IRS issued and revised several regulations that affect nonprofits and religious organizations specifically. Here are a few you need to be aware of: Tax-Exempt Organizations must file Form 990 electronically for tax years beginning after July 1, 2019. If your tax year ends on or before June 30, 2020, you can still file via paper this year. Form 990-EZ short-form filers (revenues less than $200,000 and assets less than $500,000) have an additional...

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churches, nonprofit, nonprofits, QuickBooks -

Wondering if your nonprofit or church should upgrade to the new 2020 version? QuickBooks updates their Pro, Premier, and Nonprofit versions each year. I’m going to detail the most useful improvements for nonprofit accounting so you can decide for yourself.

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