Episode 17

Published on:

12th Jan 2022

Protecting Your Tax Exempt Status

In this episode, we look at some pitfalls you should be aware of when it comes to a nonprofit organization’s tax-exempt status. Maybe there’s something that you’re doing right now which could possibly put you in jeopardy.

Since we don’t want that to happen, we’ve brought in an expert to discuss your tax-exempt status, how to get it if you're just starting out, which status you qualify for, and how to protect it. Amy Chapman is our expert guest. She is a principal with Clifton, Larson, Allen. She has more than 23 years of experience providing tax and consulting services to clients of varying sizes with a primary focus on nonprofit entities.

In this episode you'll discover:

What is a 501c3 exemption? 01:53

Is there a difference between tax exempt and 501c3? 02:40

Are all nonprofits tax exempt? 03:25

Do nonprofits have to file for tax exemption? 03:56

What is the difference between a 501c3 and a 501c6? 05:05

How does a new nonprofit find out which tax exemptions they qualify for? 07:48

An example of our guest helping a nonprofit protect their tax exemption status 12:37

How does a nonprofit protect their tax exempt status on their own? 14:36

What should a young nonprofit look for in a CPA? 17:07

Coaches Corner Question - "As a new nonprofit we need help jumpstarting our fundraising, how do we get started?" 19:44

Coaches Corner Topic: How to Start Your Fundraising Program with Sheryl Soukup, Impact Coach and President of Soukup Strategic Solutions

Have a question for Coaches' Corner? Email IMPACTcoaches@IMPACTability.net

This podcast comes to you from IMPACTability® powered by Soukup Strategic Solutions.

IMPACTability® is an online coaching program that helps nonprofit leaders maximize their impact. With Impact Coaches, nonprofit leaders can achieve career goals and have a greater impact on the world around them. Impact Coaches will help you address real-world challenges that you experience in your own nonprofit. By focusing on your strengths as a leader, Impact Coaches can help you apply your knowledge and skills to have a greater impact.

Nonprofit Coaching: https://impactability.net (Learn more about IMPACTability® and how to work with a nonprofit coach).

Soukup Strategic Solutions, Inc. was founded in 2012 by the company’s president, Sheryl Soukup, to provide nonprofit organizations with expertise in fundraising and nonprofit management. The company offers consulting, coaching, and full-service grant writing, marketing, donor database management, strategic planning, and much more.

Nonprofit consulting and outsourcing solutions: https://soukupstrategicsolutions.com/services (Learn more about the services offered by Soukup Strategic Solutions to nonprofit organizations.)

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This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
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About the Podcast

IMPACTability: The Nonprofit Leaders' Podcast
Each week, we feature an expert in their nonprofit field, discussing topics that range from fundraising and nonprofit management to Board development and marketing.
The show explores the landscape of the nonprofit organization and best practices from nonprofit experts. Get advice on how to solve the problems plaguing your nonprofit with your host Joe Turner of Soukup Strategic Solutions, a full-service nonprofit consulting company helping nonprofits across the country. Each week, we feature an expert in their nonprofit field, discussing topics that range from fundraising and nonprofit management to Board development and marketing.

About your host

Profile picture for Joe Turner

Joe Turner

For more than 20 years, Joe had successfully programmed radio stations in Detroit; Lansing, Michigan; South Bend, Indiana; and southwest Florida. Joe left the day-to-day radio world in 2007 for the nonprofit world when he joined Hodges University as its Director of Public Relations and Alumni Services. In 2021, he joined Soukup Strategic Solutions as the Director of Fundraising, Marketing, and Communications. Joe continues to run his own voice over company where he offers commercial and narration voice over services and has won three Telly awards for his work. He is a native of Detroit where he attended Wayne State University and earned a Bachelor’s degree in Media Arts. In his spare time Joe loves to cook, is a musician and a self-professed “foodie.”