Thinking about taxes and tax strategies is often the last thing on an organizations list, but if you are a nonprofit or college and university, it should be one of the highest priorities. According to Steve Hoffman, maintaining a tax-exempt status can be one of the most valuable assets that a nonprofit or university has. In todays marketplace, this can often be a challenging task.
Last year alone, 250,000 organizations got their tax-exempt status revoked and the IRS hired more staff and added more resources to the tax-exempt division of the IRS than any other group. As never before, the government is motivated to bring nonprofits into compliance with current tax regulations. Steve believes that colleges, universities and nonprofits should have a tax strategy, should understand the current laws, and have a compliance strategy to navigate through them.
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