Tax Exempt

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Molinari Oswald LLC
4508 Old Bethlehem Pike
Center Valley, PA 18034

p: 610-871-6700
f: 610-871-6777

Hours: Monday – Friday 8:30am – 5:00pm

Tax Exempt

The CPAs and business advisors at Molinari Oswald LLC understand the importance of protecting the assets and mission on a nonprofit organization. Whether your nonprofit organization is in the beginning planning stages, or has been fulfilling its mission for years, we are committed to providing valuable insight on basic accounting practices, maintaining appropriate internal controls, tax compliance, and financial statement services.

 

We specialize in tax exempt organizations. Complete form below and we will get right back to you.

Audits, Reviews, Compilations

Charitable organizations are often required to submit compiled, reviewed, or audited financial statements when seeking funding, applying for membership of organizations, or when submitting certain state filings. Our team can assist you in determining which level of financial statements may be best suited for your Organization.

An audit provides the highest level of assurance on a financial statement, and therefore includes extensive procedures in performing an audit. During an audit, our team will obtain an understanding of the entity and its environment, assess internal control, and design procedures sufficient to test the appropriateness of the entity’s accounting procedures and underlying accounting records.

A review is substantially less in scope than an audit. As part of the review engagement, our team will rely on management inquiries and analytical to determine whether the financial statements present fairly without applying extensive audit procedures.

A compilation states that the financial statements were compiled by information obtained by company management, but because they were not audited or reviewed, no opinion or any other form of assurance is expressed on whether the statements are in conformity with the accounting framework.

Often times, a parent company or a board member suggests your organization may need an audit. It is important to have a conversation about why an audit might be needed, and whether a similar but less extensive service such as a Review, or Agreed Upon Procedures engagement may be suitable. Contact us to learn more.

Federal and State Tax Compliance

In order to protect the mission and exempt status of the nonprofit organization, our trusted CPAs will work with you to ensure the organization is in compliance with all federal and state tax filings. Nonprofit filings must be made public, and these documents provide donors with information related to the revenues, expenses, assets, liabilities, and board members of the Organization.

It is important to note that regardless of the size of your nonprofit, an Organization’s tax exempt status will be automatically revoked if they fail to file Form 990 for three consecutive years. Our team of professionals will help guide you through the steps of maintaining your exempt status through tax compliance.

Board Level Planning and Advice

Effectively run nonprofit organizations have a Board of Directors which meet regularly to discuss the current status of the organization and develop a strategic plan for the future. The Board’s responsibility is to ensure the organization is achieving its objective and mitigating any risks that would otherwise jeopardize its mission. Boards are often made up of individuals with various backgrounds and professions who wish to make an impact through the Organization. Our CPAs and business advisors can assist your Board in providing reliable current financial information, as well as tax and financial insight integral to the Board developing its strategic plan for growth.

Other Tax Exempt Services

As a full-service Certified Public Accounting and consulting firm, Molinari Oswald LLC understands the importance of relying on up-to-date and accurate financial reporting to assist your Organization in making strategic planning decisions. By providing these additional services, our tax exempt clients can focus on their core mission. Additional services include:

  • Full Service Bookkeeping
  • Monthly, quarterly, and yearly financial reporting
  • Payroll Processing
  • Quarterly & Year End Tax filings
  • Sales and Use tax filing
  • W-2 and 1099 preparation
  • Bookkeeping software assistance and training
CARES Act Notice

We know you have questions. We want to provide personalized advice based upon your unique situation.

If you are a client of the firm, email your firm contact to start the conversation.

If you are not, email us at info@molinarioswald.com. Being a client is not a requirement for assistance.