Launching a Non-Profit Organization: Essential Resources and Steps

Launching a Non-Profit Organization: Essential Resources and Steps

Starting a non-profit organization is a very fulfilling way to earn a living while giving back to your community. Whether you decide to help people, animals, or the environment, your non-profit is sure to have a positive impact on the world around you. But launching and growing a non-profit can be complicated. Soliciting help from financial service organizations like Northeast Financial Strategies is a great place to start! Here are some other tips and resources for organizing a successful launch.

 

Lay the Groundwork

 

Before getting too deep into launching your non-profit, take the time to do market research, structure your business properly, and ensure that running a charity is the right path for you.

 

  • Do some market research to find out if there is a need for your services in your community.
  • Make sure running a non-profit is the right move for you.
  • Structure your business as an LLC to give credibility to your services and limit your personal liability.

 

Keep Everything Legal

 

Non-profit organizations have to navigate a sea of complicated legal regulations. Get everything set up right from the beginning so you can avoid legal issues in the future.

 

 

Secure Adequate Funding

 

Earning funding for your non-profit will be one of your main jobs. As you prepare for the launch of your organization, start soliciting donations to cover your startup costs.

 

 

If you’ve always wanted a career focused on benefiting society rather than earning profits, launching a non-profit could be a great move. The startup process can be tricky, so take it day by day and try not to get overwhelmed. Keep these resources close at hand so you can reach for answers whenever you run into a roadblock.

 

Professional services can make it easier to launch and grow your startup. For help with tax preparation, money management, accounting, or payroll, reach out to Northeast Financial Strategies today.

More Economic Impact Payments set for disbursement in coming days; taxpayers should watch mail for paper checks, debit cards

More Economic Impact Payments set for disbursement in coming days; taxpayers should watch mail for paper checks, debit cards

WASHINGTON – The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.

For taxpayers receiving direct deposit, this batch of payments began processing on Friday and will have an official pay date of Wednesday, March 24, with some people seeing these in their accounts earlier, potentially as provisional or pending deposits. A large number of this latest batch of payments will also be mailed, so taxpayers who do not receive a direct deposit by March 24 should watch the mail carefully in the coming weeks for a paper check or a prepaid debit card, known as an Economic Impact Payment Card, or EIP Card.

No action is needed by most people to obtain this round of Economic Impact Payments (EIPs). People can check the Get My Payment tool on IRS.gov on to see if the their payment has been scheduled.

“The IRS continues to send the third round of stimulus payments in record time,” said IRS Commissioner Chuck Rettig. “Since this new set of payments will include more mailed payments, we urge people to carefully watch their mail for a check or debit card in the coming weeks.”

Following enactment of the American Rescue Plan Act on March 11, the IRS moved quickly to start delivering the third round of Economic Impact Payments. The IRS initiated the first batch of the $1,400 stimulus payments, mostly by direct deposit, on March 12.

Today marks the second batch of payments, with additional payments anticipated on a weekly basis going forward. The vast majority of taxpayers receiving EIPs will receive it by direct deposit. In addition, the IRS and the Bureau of the Fiscal Service leveraged data in their systems to convert many payments to direct deposits that otherwise would have been sent as paper checks or debit cards. This accelerated the disbursement of these payments by weeks.

Watch the mail for paper checks, EIP Cards

Taxpayers should note that the form of payment for the third EIP may be different than earlier stimulus payments. More people are receiving direct deposits, while those receiving them in the mail may get either a paper check or an EIP Card – which may be different than how they received their previous stimulus payments. IRS and the Treasury Department urge eligible people who have not received a direct deposit to watch their mail carefully during this period.

Paper checks will arrive by mail in an envelope from the U.S. Department of the Treasury. For those taxpayers who received their tax refund by mail, this paper check will look similar, but will be labeled as an “Economic Impact Payment.”

The EIP Card will come in a white envelope prominently displaying the seal of the U.S. Department of the Treasury. The card has the Visa name on the front and the issuing bank, MetaBank, N.A. on the back. Information included with the card will explain that this is an Economic Impact Payment. Each mailing will include instructions on how to securely activate and use the card. It is important to note that none of the EIP cards issued for any of the three rounds is reloadable; recipients will receive a separate card and will not be able to reload funds onto an existing card. EIP Cards are safe, convenient, and secure. EIP Card recipients can make purchases online or in stores anywhere Visa Debit Cards are accepted. They can get cash from domestic in-network ATMs, transfer funds to a personal bank account, and obtain a replacement EIP Card if needed without incurring any fees. They can also check their card balance online, through a mobile app, or by phone without incurring fees. The EIP Card provides consumer protections against fraud, loss, and other errors. The EIP Card is sponsored by the Bureau of the Fiscal Service and is issued by Treasury’s financial agent, MetaBank, N.A. The IRS does not determine who receives a prepaid debit card.

More information about these cards is available at EIPcard.com.

IRS Announces End of Tax Season Extended Until May15th

IRS Announces End of Tax Season Extended Until May15th

Taxpayers will have more time to get their taxes in order this year.

The Internal Revenue Service has pushed back the deadline for the tax filing season about one month to May 15 from April 15.

This will give taxpayers additional time to file their 2020 tax returns and pay any amounts owed to the IRS. Because May 15 falls on a Saturday, the final deadline for filers may be the following Monday.

The move from the IRS and Treasury Department comes after calls to extend the tax season increased following the passage of the $1.9 trillion American Rescue Plan, which meant the agency was tasked with sending another round of stimulus payments while processing tax returns and refunds.

The IRS in January pushed back the start of tax season to Feb. 12. This gave the agency more time to prepare after December Covid relief bill, which included a second round of stimulus checks to Americans that the agency was charged with delivering.

At the time, the tax collector kept the typical April 15 filing deadline, even though it meant a shorter than usual filing season.

In February, the agency did extend the tax filing deadline to June 15 for individuals and businesses in Texas, which was declared a disaster area by the Federal Emergency Management Agency after winter storms left residents without power.

At the time of this extension, we are still unaware of which states will follow suit with the IRS and extend their individual filing dates as well. This means that although your federal tax returns aren’t due on April 15th, your state returns may still be.

Keep an eye out for more details from NFS. As we find out more, we will let you know.

 

UPDATED 03-19-2021: MASSACHUSETTS Department of Revenue Announced they will follow the IRS extending due date of individual tax filings and payments to May 17th, 2021.

IRS, Treasury disbursed 90 million Economic Impact Payments from the American Rescue Plan

IRS, Treasury disbursed 90 million Economic Impact Payments from the American Rescue Plan

WASHINGTON – Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they disbursed approximately 90 million Economic Impact Payments from the American Rescue Plan. As announced last week, Economic Impact Payments are rolling out in tranches to millions of Americans in the coming weeks.

The first batch of payments were mostly sent by direct deposit, which some recipients started receiving this past weekend. As of today, all recipients of this first batch of direct deposit payments will have access to their funds. Here is additional information on this first batch of payments:

  • These payments began processing on Friday, March 12. Some Americans saw the direct deposit payments as pending or as provisional payments in their accounts before today’s official payment date.
  • The first batch of payments primarily went to eligible taxpayers who provided direct deposit information on their 2019 or 2020 returns, including people who don’t typically file a return but who successfully used the Non-Filers tool on IRS.gov last year.
  • In total, this first batch included approximately 90 million payments, which are valued at more than $242 billion.
  • The use of direct deposit to issue these payments means that they are being delivered remarkably faster than would otherwise be possible.
  • While the majority of payments were delivered by direct deposit, which reach individual taxpayers more quickly than paper checks, Treasury mailed roughly 150,000 checks worth approximately $442 million.
  • Finally, since this past weekend, more than 35 million people have received their stimulus payment status through the “Get My Payment” tool on IRS.gov, which is updated on a regular basis as updated information is available.

Additional batches and payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of all Economic Impact Payments will be issued by direct deposit. No action is needed by most taxpayers; the payments are automatic and, in many cases, similar to how people received their first and second round of Economic Impact Payments in 2020.

Individuals can check the “Get My Payment” tool on IRS.gov to see the payment status of these payments. Additional information on these Economic Impact Payments, along with a Fact Sheet of Frequently Asked Questions, is available on IRS.gov.