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Nonprofits & Trade Associations

Non-Profit Accounting Support in Fairfax, VA

Non-profits and trade associations have unique tax and reporting requirements. At Bailey, Stube & Glaser, PC, we specialize in accounting for non-profits. We understand that non-profit organizations have unique needs for business strategies. Our firm meets those needs with comprehensive and attentive accounting services for non-profits in Fairfax and the neighboring communities of the Washington D.C. metropolitan area. 

Schedule a consultation with our non-profit accountants today to find out how we can help you remain compliant and operate in spite of occasionally limited resources.

Nonprofit vs. For-Profit Businesses

Unlike traditional companies that profit from the services they provide, non-profit organizations rely on revenue received from membership dues, fundraising events, corporate and private donations, grants, and investment income. While non-profits can earn consistently high revenue from donations or other fundraising efforts, their purpose goes above and beyond making a profit, and all money earned must benefit the organization. 

Nonprofit organizations exist in many different forms, such as trade associations, chambers of commerce, religious organizations, educational or health institutions, and art foundations. Non-profit organizations are exempt from paying most taxes, though they are subject to a variety of other regulations. These are put forth by the IRS and need to be closely adhered to in order to maintain tax exempt status.

Special IRS Requirements for Non-Profits and Trade Associations

Initial tax-exempt status is achieved by filing specific applications with the IRS. Maintaining status requires year-to-year reporting and audits. Organizations that don’t comply with state or federal guidelines will lose their tax-exempt designation. Bailey, Stube & Glaser, PC provides support throughout the year to help clients apply for and retain lowered tax liability that comes with non-profit entities.

Maintaining Tax Exemptions 

Bailey, Stube & Glaser, PC builds your accounting system around federal regulations for tax-exempt entities. Our services include: 

  • Comprehensive financial statements that meet IRS-mandated expense classifications  for non-profits
  • Financial reporting that fulfills the prerequisites for receiving federal grants
  • Preparation of necessary annual reports showing the organization’s budgets, net worth, and operational spending
  • State and federal tax return preparation, including form 990 required for nonprofit entities  

For any non-profit organizations that participate in activities not considered as regular funding and functions of their organization, we are able to help plan for and pay any necessary taxes.

Contact Bailey, Stube & Glaser, PC Today

We’ve been providing quality accounting services for non-profits for more than 30 years. We proudly serve Northern Virginia, including Vienna, and Tysons Corner. Many of our clients also come from the Metropolitan Washington D.C. business community. Contact us today to learn more about how Bailey, Stube & Glaser, PC can help your non-profit organization.

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