Following is a transcript of this episode of the Two Minute Treasurer’s Tip Podcast from MoneyMinder, with audio/video below.
Welcome to the Two Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel, and we’re talking about something everybody loves to talk about – paying taxes.
Reyna writes: Does tax-exempt status mean we are exempt from all taxes?
Reyna, I’m glad you asked about this because there is a lot of confusion and misinformation around this topic. Let me see if I can clear things up.
Just because an organization has received tax-exempt status from the federal government, that’s the IRS; it does not mean that it is exempt from state and local taxes, property taxes, payroll taxes, or any other taxes.
It simply means you don’t pay taxes to the IRS. But that’s only if you’re in good standing. And that means submitting the correct version of the 990 to the IRS when you’re supposed to. If you fail to do that, you can lose your tax-exempt.
When it comes to state taxes, I would encourage you to reach out to your Secretary of State for specifics. Those rules & potential exemptions vary across all states.
That’s it in a nutshell. Subscribe to us to get new episodes automatically. My name is Cyndi Meuchel, and this is your Two Minute Treasurer’s Tip for today.
Connect your Venmo account to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Connect your Stripe Account to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Set up a MoneyMinder Store free. Just pay 0.4% /transaction*
Connect your Bank, Square and PayPal accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
Join It is a membership management service that helps businesses and nonprofits effectively sell, track, and grow their membership.