Should non-profits get tax receipts?

Answer by  gleverance (720)

Always. Non-profit companies still have to file a tax return, even though it is only for informational purposes. But you should always be able to document where the money goes.

Answer by  Att4372 (1704)

Any business, including non-profits, needs to document expenses - date, amount, and purpose. They also need to show that the expenses were actually paid. (A bill is not sufficient. You have to prove you paid the bill.) These documents establish that payments are "ordinary and necessary", which is IRS speak for ligit and not for personal benefit.

Answer by  Att4372 (1704)

Not for profit organizations have an annual filing requirement - IRS Form 990. Like any tax return, records are needed to prove expenditures - amounts and purpose. If total revenues are under 25,000, only a short form is needed (990-EZ or 990-N). Fewer records are needed for these forms. However, to maintain non-profit status, good records help.