Larsson, Woodyard & Henson, LLP

Paris, IL: 800-777-1985
Casey, IL: 866-895-2153
Terre Haute, IN: 866-883-2043
Tuscola, IL: 877-253-5146

Not for Profit Organizations

How often have you listened to the unfortunate stories from a new organization's board of directors lamenting their experiences with the Internal Revenue Service? Many organizations begin with a genuine charitable or public mission, but become discouraged by the difficulties involved in being recognized by state and federal authorities as not-for-profit.

Not-for-profit tax compliance does not have to be bad news.

Call us for the Good News!  An organization which fails to complete the recognition process runs the risk of regular taxation, losing the ability to accept charitable contributions, penalties for failure to file proper tax and information returns, and so forth.

Larsson, Woodyard & Henson, LLP, has provided accounting, tax, and audit services to new and existing not-for-profit organizations for many years. As long as the organizers have a genuine charitable or not-for-profit intent, we can assist in formation of the organization, obtaining not-for-profit and/or charitable status with the Internal Revenue Service and State Attorney General, and future compliance to maintain tax exempt status. We know the methods to help the organization put "their best foot forward" when applying for determination and communicating with government agencies during the process.

Just as important as the determination process is selecting the status which best fulfills the mission of the organization. A charitable entity may be classified as a private foundation, public charity or supporting organization, depending upon its structure and approach in the determination process. Each tax status carries its own tax benefits/detriments and regulatory requirements. The most efficient status can affect the ability to attract contributions and the frequency and amount of distributions to carry out the purpose of the entity. We can assist during formation to achieve the best possible status to achieve the entity's objectives.

It is not uncommon to see a not-for-profit organization which has existed for a number of years, but whose operations or support have changed from its original determination. We have successfully applied for and been granted changes in tax treatment, in many cases eliminating private foundation status, thereby reducing regulatory oversight and tax on investment income.

If you are forming a new organization or have questions regarding current tax qualification of a not-for-profit organization, contact Susi H. Willis, CPA, CGMA or  Marla D. Coffman, CPA, CGMA to learn more about our services to not-for-profit organizations.

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Home Services Not for Profit Organizations

Our Locations

1

Paris, Illinois

Phone: (217) 465-6494, Mail: paris@lwhpa.com
2

Casey, Illinois

Phone: (217) 932-5241, Mail: casey@lwhpa.com
3

Terre Haute, Indiana

Phone: (812) 242-2043, Mail: terrehaute@lwhpa.com
4

Tuscola, Illinois

Phone: (217) 253-5146, Mail: tuscola@lwhpa.com