At GTA Accounting Group, we've built a reputation for delivering reliable and expert tax services to nonprofits. One of our clients, a mid-sized charity in New York, successfully navigated an IRS audit with our support, maintaining its tax-exempt status without penalties. Another client, an arts organization, maximized its deductions through our careful tax planning, significantly reducing its tax burden.
Partnering with experienced accounting consultants like those at GTA Accounting Group allows you to access expert guidance and support. Our accounting and tax services are designed to help you confidently manage your tax obligations, providing peace of mind that your finances are in order.
"GTA Accounting Group helped us navigate complex tax challenges with ease. Their expertise in nonprofit tax returns is unmatched." – Alex J.
Contact us today to learn more about how our CPA NYC services can support your nonprofit, ensuring accurate and compliant tax filings and helping you focus on your mission.
This is the standard annual return that tax-exempt organizations file with the IRS. It provides a comprehensive overview of the nonprofit's finances, activities, and governance. Filing Form 990 ensures transparency and compliance with IRS regulations.
A simplified version of Form 990, designed for smaller nonprofits with gross receipts under $200,000 and total assets under $500,000. It requires less detailed reporting but still covers essential financial information.
Also known as the e-Postcard, this form is for very small nonprofits with gross receipts of $50,000 or less. It's a basic online form that confirms the organization's continued tax-exempt status.
Private foundations use this form to report their income, expenses, and distributions. It's more detailed than other variants, reflecting the specific reporting requirements for foundations.
Religious institutions must maintain detailed financial records to comply with IRS requirements. This includes tracking donations, grants, and other income sources, as well as documenting expenses related to charitable activities. Accurate records are essential for demonstrating that funds are used in accordance with the organization's mission, which is crucial for maintaining tax-exempt status.
Our nonprofit bookkeeping services are specifically designed for religious institutions. We assist with tracking all financial transactions, ensuring they are accurately categorized and reported. This includes managing restricted funds, such as those earmarked for specific purposes, and providing clear, detailed financial statements.
Having a non-profit accountant near me ensures your religious institution's finances are managed with precision. We provide expertise in preparing required forms, such as the annual Form 990, and ensure compliance with federal and state regulations. Our services also include regular financial reviews to prevent errors and identify opportunities for better resource management.
Religious organizations can be subject to IRS audits, particularly if discrepancies arise in their financial reporting. Our bookkeeping services include regular audits and reviews to ensure that your records are accurate and ready for any scrutiny, minimizing the risk of penalties.
Educational institutions must adhere to specific IRS filing requirements, including Form 990 and additional schedules like Schedule A (Public Charity Status) and Schedule G (Fundraising). Accurate filing is essential to maintain tax-exempt status and avoid potential penalties.
At GTA Accounting Group, we understand the unique challenges educational nonprofits face. As one of the leading accounting firms in New York, our tax accountant NYC and CPA NYC experts specialize in ensuring compliance with all IRS regulations. We also help institutions maximize their financial resources by accurately reporting on donations, endowments, and grants.
Educational institutions are often subject to IRS audits, particularly if their filings contain discrepancies. Our team ensures that all financial records are meticulously maintained and ready for review, minimizing the risk of penalties or fines.
In addition to tax preparation, we offer nonprofit bookkeeping services that help manage day-to-day financial operations, from tracking donations to preparing detailed financial statements. This holistic approach ensures your institution remains compliant and financially sound.
Hiring a New York tax advisor means working with someone who understands local NYC and federal tax laws inside and out. By staying on top of the latest regulations, a tax advisor in NYC can help you maximize deductions, minimize liabilities, and ensure that you’re taking advantage of every tax benefit available to you.
Social service agencies face unique tax challenges, particularly in managing restricted funds and complying with complex IRS regulations. Restricted funds, such as grants or donations earmarked for specific purposes, must be accurately tracked and reported to ensure they are used in accordance with donor intent and IRS guidelines. Failure to do so can lead to penalties or loss of tax-exempt status.
At GTA Accounting Group, our tax preparer NYC services are designed to address these challenges. We assist with the accurate allocation and reporting of restricted funds, ensuring that your organization remains compliant with all IRS requirements. Our team also helps optimize your financial resources by identifying potential deductions and credits, reducing your overall tax liability.
In addition to tax preparation, we offer nonprofit bookkeeping services that help social service agencies manage their financial complexities. This includes maintaining accurate records of all income, expenditures, and restricted funds, ensuring transparency and compliance with federal and state regulations.
Filing Form 990 and its variants is not just a requirement but a critical part of maintaining your nonprofit's tax-exempt status. The IRS uses this form to monitor your organization's activities, finances, and adherence to regulations. Accurate reporting ensures transparency and protects your organization from potential audits or penalties.
Non-compliance can lead to significant penalties, including fines of $20 per day for smaller organizations, up to a maximum of $10,000, or even the revocation of your tax-exempt status. Ensuring timely and accurate filing is crucial to avoid these risks.
Our tax advisor NYC team is experienced in navigating the complexities of nonprofit tax returns. We ensure that your filings are not only accurate and timely but also optimized to reflect the best practices in compliance. We assist in gathering necessary documentation, preparing detailed reports, and reviewing your financial records to ensure everything is in order before submission. This comprehensive approach minimizes the risk of errors and maximizes your peace of mind.
Healthcare nonprofits face unique challenges in tax compliance, including managing Unrelated Business Income Tax (UBIT) and ensuring compliance with the Health Insurance Portability and Accountability Act (HIPAA). This includes safeguarding patient information and securing financial systems. Our tax accountant NYC professionals ensure accurate reporting of all revenue streams, including UBIT, to minimize liabilities.
At GTA Accounting Group, we specialize in the financial complexities of healthcare nonprofits. We assist with HIPAA compliance in financial reporting, helping your organization protect sensitive patient data. Our team provides comprehensive tax filing services, ensuring compliance with federal and state regulations. We help manage government and private grants, tracking and reporting these funds to ensure compliance with grant terms and avoid potential penalties.
Our nonprofit bookkeeping services ensure your financial records are accurate and up-to-date. We assist in documenting and reporting charitable care, which is crucial for maintaining your tax-exempt status. We also help your organization stay compliant with various state and federal regulations, including those from the IRS, Department of Health and Human Services (HHS), and state health departments, by keeping you updated on changes in tax laws and healthcare regulations.
Advocacy groups, particularly those focused on environmental and social issues, must adhere to strict IRS regulations. These include reporting requirements for political activities, lobbying, and donation use. Compliance is essential to maintaining tax-exempt status and avoiding penalties.
At GTA Accounting Group, our tax advisor NYC services help your organization navigate the complexities of IRS compliance. We ensure that your filings, including necessary forms such as Form 990 and Schedule C, are accurate and transparent, reflecting your advocacy efforts while staying within legal boundaries.
We offer nonprofit bookkeeping services that ensure accurate financial records, which is crucial for advocacy groups facing potential audits or inquiries. This includes documenting all income, donations, and expenditures and preparing necessary forms like Schedule C to report political activities.
Grant-making foundations must follow strict IRS reporting guidelines, including accurately distributing grants. These organizations are required to file Form 990-PF, which details financial activities, grants awarded, and other distributions. The deadline for filing Form 990-PF is the 15th day of the fifth month after the end of the foundation's fiscal year, typically May 15 for calendar-year foundations. Accurate reporting is essential to maintaining tax-exempt status and avoiding penalties.
Working with public accounting firms like GTA Accounting Group ensures that your foundation's complex tax returns are handled with precision. Our team ensures that all necessary forms are filed accurately and on time, helping you avoid potential fines and ensuring compliance with IRS regulations.
In addition to tax filing, our nonprofit bookkeeping services offer ongoing support to track and document all financial transactions, ensuring accuracy and compliance throughout the year. We also help prepare the necessary documentation for audits and ensure that your foundation remains compliant with all federal and state regulations.
Arts and cultural nonprofits can leverage specific deductions and tax credits to reduce their tax liabilities significantly. These may include deductions for operational expenses like staffing, venue maintenance, educational programs, and marketing costs. Additionally, arts organizations may qualify for the Qualified Performing Arts (QPA) deduction, which allows specific expenses related to performances to be deducted. Furthermore, federal and state-level credits may be available for organizations that engage in activities benefiting the public, such as providing free access to cultural events or exhibitions.
Tackling these deductions and credits requires specialized knowledge of tax laws as they apply to the arts sector. A tax accountant in New York from GTA Accounting Group can identify and maximize these opportunities, ensuring your organization benefits fully. We keep track of changes in tax laws, ensuring that your organization remains compliant and takes advantage of all available benefits. For instance, the Cultural Institutions Group (CIG) in New York offers specific benefits that arts organizations can leverage, which we ensure are utilized correctly.
We take pride in the positive feedback we receive from our clients. Here’s what some of them have to say:
"GTA Accounting Group helped us navigate a complex tax situation with ease and professionalism. Their expertise saved us thousands of dollars and gave us peace of mind."
Business Owner
"The team at GTA Accounting Group is incredibly knowledgeable and responsive. They provided clear guidance and support throughout the entire tax season."
Navi Founder
Nonprofits face several tax challenges that can jeopardize their tax-exempt status if not handled properly. Key issues include Unrelated Business Income Tax (UBIT), ensuring compliance with IRS regulations, and maintaining tax-exempt status. UBIT occurs when a nonprofit earns income from activities unrelated to its primary mission, which must be reported and taxed. Compliance involves accurately filing forms such as Form 990 and adhering to specific reporting requirements.
Contact us today to learn how our CPA NYC services can help your nonprofit navigate these common tax challenges, ensure compliance, optimize resources, and protect its tax-exempt status.
GTA Accounting Group
401 Park Ave S 10th Floor, New York, NY 10016, United States
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