The initial spark that ignited your passion for your nonprofit – the unwavering dedication to a cause, the desire to make a real difference – remains vibrant. However, navigating the intricacies of tax-exempt status can sometimes feel like entering unfamiliar territory, when trying to keep up with updated regulations to keep your organization qualified for its tax-exempt status. Let’s shed some light on the path towards tax-exempt status and what you need to do to maintain it once you get there.

When the IRS instituted annual reporting requirements for non-profit organizations, you might have thought they were bringing the famous Oscar Wilde quote ("No good deed goes unpunished") to fruition. While the need to track the progress of 501(c) organizations may cause some headaches, it can be a timely opportunity to effectively review the goals of the mission and ensure that good governance practices are in place. Here’s everything non-profit managers need to know to prepare for tax season.