Critical tax reminders for special events
Abstract: After the pandemic-induced lull, many nonprofits are making up for lost time and fundraising opportunities by ramping up their special events. It’s easy to get caught up in the details that come with event planning, but it’s also important to remember that these functions can have tax implications. This article presents some things to keep in mind so nonprofits stay on top of compliance. A sidebar covers financial reporting for special events, highlighting three options for reporting in the statement of activities under Generally Accepted Accounting Principles (GAAP).