Lost your tax exempt status?
If your organization has not filed any of the 990/990EZ/990N forms for three years, it is likely your tax exempt status was revoked.
Carol Topp
Homeschool mom, author and accountant. I enjoy helping homeschool leaders start and run their homeschool groups successfully.
What are “insignificant” benefits a homeschool group can offer to volunteers?
Carol, How much of a discount can we give to our homeschool group leaders? We want to offer a good sized discount on the fees they pay since they put in so much time to running our group. But I…
Taxes for Classical Conversations Directors
Help with taxes for Classical Conversations Directors.
Should a homeschool group have term limits?
Currently we have a board divided on whether or not we should have term limits for board members.Should the board of directors of a nonprofit homeschool organization decide if the board should have term limits, or does that decision belong to the general membership?Thank…
What is an Nonprofit Unincorporated Association?
In consultations with homeschool leaders, I frequently explain the two options for nonprofit homeschool groups: Be a nonprofit corporation Be an unincorporated association (this is the default if you do nothing) I’ve written articles, blog posts and podcasts about what…
IRS delays implementing new $600 threshold for Form 1099-Ks.
Every once in a while the IRS does something smart and listens to tax experts and taxpayers! The IRS has wisely delayed implementation of the reduced threshold of $600 for third party payment processors to send Form 1099-Ks to payees.…
Managing records and financial statements
How are your homeschool groups’ records? Scattered, missing, lost? One homeschool group has organized all their important papers in a binder using HomeschoolCPA’s Homeschool Board Member Manual template. In this podcast episode, the leader showed Carol Topp her board binder.…
The duty of compliance with the law for homeschool organizations
Homeschool leader shave a duty to care and be loyal, as discussed in podcast episode #204. But homeschool leaders also have a duty of compliance with the law. What laws to leaders need to know about? What does a duty…
Can we fund raise and then distribute the proceeds?
I am organizing a history tour of the East Coast for some homeschooling families. We would like to do some fundraising to help us with the cost of the tour (most businesses require an EIN to participate with their fundraiser…
Penalties for failing to file 1099-NEC
I learned of a former Classical Conversations (CC) Director that left CC and started a nonprofit homeschool group in spring 2021. She forgot to file Form 1099-NEC for her 6 CC tutors that she paid in early 2021. The Form…