Taxes

We are a full service accounting firm that specializes in nonprofits. We provide assurance, tax, bookkeeping, payroll, and advisory services. We work with various 501 c3 Organizations, labor unions, employee benefit plans, and entities receiving governmental funding.

We specialize in advisory services of all types. We perform regular audits, single audits, ERISA based audits, limited scope 401k audits, and reviews. If your grantor requires a financial audit of your Organization, we have you covered. 

On January 31, 2013, a bill (H.B. 58) was introduced in the N.C. House of Representatives to improve accountability of nonprofits with state grants. An identical bill (S.144) was introduced in the N.C. Senate on February 27. H.B.

On March 4, the N.C. House of Representatives overwhelmingly approved an amendment to  a bill (S.20) that would have protected the state tax treatment of charitable contributions that seniors make from their individual retirement accounts (IRAs). Thanks to Rep. Rick Catlin (R-New Hanover) for sponsoring the amendment, which passed by a 109-7 vote.

Tax on Unrelated Business Income of Exempt Organizations - An exempt organization is not taxed on its income from an activity substantially related to the charitable, educational, or other purpose that is the basis for the organization's exemption. (IRS)