Understanding non-profit v tax-exempt

Your New York corporation may be organized as a nonprofit, but you will need to obtain tax exempt status from the IRS, usually classified under Section 501(c)(3) of the Internal Revenue Code to be treated as such by the IRS.  Otherwise, your organization will be...

New York Sales Tax 101

The New York State (NYS) sales tax is a consumption tax imposed on the sale of most tangible personal property and certain services within the state. Here’s an overview of some of the key points to consider: The sales tax rate varies depending on the location....

Important considerations for S Corp start-ups

When considering forming an S Corporation for a startup, there are several factors to keep in mind: To be eligible for S Corporation status, the startup must meet certain requirements, such as having no more than 100 shareholders, only one class of stock, and only...