Post a new topic
    1 Reply Latest reply on Nov 29, 2010 8:08 PM by HS_Accounting

    If you are a CPA PLEASE respond!!! Thank you ; )

    ValleyStars Newbie
      Can a partnership business accept donations from the community without a non-profit or 5o1c3 status?

      Thank you
        • Re: If you are a CPA PLEASE respond!!! Thank you ; )
          HS_Accounting Wayfarer
          Hi,

          Just a few questions to understand the situation a little more. What type of business do you have? Is it a start-up? Why are donors contributing funds to your organization?

          First, any "donations" to a for-profit business are not tax deductible by the donor, and I would avoid characterizing any of these contributions as donations. Also, since these contributions sound like more of a sponsorship they would be recorded as taxable income to the business.

          Sean