What: LIVE Workshop: When are Nonprofit Fundraising Activities Taxed? And How to Avoid It!
With donation dollars becoming more difficult to generate, many nonprofits are turning to other unique ways of raising money, including:
- ad space online and in event programs;
- virtual fundraising events;
- gala dinners and luncheons (once COVID ends);
- space rental;
- sales of membership lists; and,
- sales of t-shirts/coffee mugs etc.
These are a few of the many ways nonprofits are getting money in the door. But many of these activities may trigger both federal and state income tax that nonprofits are not used to paying. Called “Unrelated Business Income Tax” or “UBIT,” these taxes can take away as much as 40% of the organization’s profit! Before any fundraising activity is planned for, it’s vital that nonprofits understand the tax implications. Join national nonprofit expert Gregg S. Bossen, CPA, in this new webinar to learn everything you need to know to plan for, and hopefully avoid, paying income tax on your fundraising activities.
Topics covered will include:
- What are the three rules for when a nonprofit activity is subject to income tax?
- What 20 activities are automatically excluded from income tax?
- When do sponsorship fees received become advertising income and subject to income tax?
- How much is the tax and how is it calculated?
- How do you ensure your activity will not be subject to income tax?
This webinar will be recorded. You will receive the recording and accompanying resource materials with 72 hours of the event.
When: Tuesday, October 27th
2:00 p.m. – 3:30 p.m. EST (11:00 a.m.-12:30 p.m. PST)
All Participants will receive log-in information a week prior the webinar!
*This training is for users of both the Desktop version and the Online version of QuickBooks*
Check out our on-demand courses!