Nonprofits are increasingly the subject of federal and state scrutiny and regulation. There are numerous reasons for this attention including:
- Over the past ten years, the number of nonprofits has grown by 25% to over 1.5 million.
- Nonprofits account for 9% of wages and over 10% of domestic jobs, employing more workers than the finance, insurance, and real estate industries combined.
- Nonprofits compete with profit making ventures such as gift shops, publications, and retail stores.
- Nonprofits are the cause of significant tax losses due to charitable deductions.
- Without oversight, there is the potential for misuse of charitable funds.
It is in the best interest of nonprofits to understand, respond to, and comply with an increasingly complex set of both federal and state regulations. To ensure that your organization is up to date, check with us at Keep Me Tax Free: http://keepmetaxfree.com/are-you-tax-exempt/