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Archives for February 2021

Do Nonprofits Ever Pay Taxes?

February 25, 2021 by Edgar Gomez

When you think about a nonprofit, the first thing that often comes to mind is that it is tax-exempt. Most nonprofits are not subject to federal, state, and local income tax. Does that mean nonprofits are completely free of ANY tax liability? The answer to this is likely no – there are still some taxes […]

Filed Under: Tax

The Concept of Independence in Accounting

February 11, 2021 by Edgar Gomez

Independence is a key concept in accounting, especially in the assurance or auditing area of accounting. Assurance services are services where a licensed CPA reviews an organization’s financial statements and accounting records and provides an opinion about them. This opinion takes the form of a report that can be shared with third parties such as […]

Filed Under: Accounting, Business Tips

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