A 501(c)(3) organization CAN make a profit while being registered as a nonprofit. Even though an organization’s nonprofit status may preclude them from paying income taxes on profits earned, there are possible tax liabilities with earned revenue that need to be considered.
A nonprofit corporation must comply with a few special rules implemented by the IRS that will help maintain its tax-exempt status related to: Organizational Structure, Limited Activities, and Corporate Recordkeeping.
Managing Money With Mission
Madison
821 E Washington Ave, 2nd Floor
Madison, WI 53703
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Milwaukee:
414-800-1422
1433 N Water St
Suite 449
Milwaukee, WI 53202
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