The information in the book is still totally relevant. Unlike with personal income taxes which change from year to year, basic nonprofit tax laws and concepts tend to remain unchanged for long periods of time.
There haven't been any new laws or revenue rulings in this area since the book was first published in 2015. Congress and the IRS seem to be satisfied with the status quo. So nothing to update. However, I am considering an expansion of the book to contain additional helpful information on certain topics. That's a work in progress and I'm not sure when it will be ready for prime time. Do you have a particular issue of concern?
I'm putting together a bid for the first alpine skier to represent the nation of Jamaica at the next Olympics. Could I put together a 501c3 for helping Jamaican athletes in getting to the Olympics and then have all donations to the org be tax deductible for the donors?
Generally it should be a nonprofit corporation if it wants to apply for 501c3 status. But it could also be an unincorporated association, which I don't recommend as it lacks the liability protection of a corporation.
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Is this book still relevant for 2024? Or is there another option! Seems perfect to me but I don't want to accidentally get out of date information
The information in the book is still totally relevant. Unlike with personal income taxes which change from year to year, basic nonprofit tax laws and concepts tend to remain unchanged for long periods of time.
How often have you updated your pdf guidebook since you originally published it. Thanks.
There haven't been any new laws or revenue rulings in this area since the book was first published in 2015. Congress and the IRS seem to be satisfied with the status quo. So nothing to update. However, I am considering an expansion of the book to contain additional helpful information on certain topics. That's a work in progress and I'm not sure when it will be ready for prime time. Do you have a particular issue of concern?
I'm putting together a bid for the first alpine skier to represent the nation of Jamaica at the next Olympics. Could I put together a 501c3 for helping Jamaican athletes in getting to the Olympics and then have all donations to the org be tax deductible for the donors?
What kind of entity should a sports organization be ?
Generally it should be a nonprofit corporation if it wants to apply for 501c3 status. But it could also be an unincorporated association, which I don't recommend as it lacks the liability protection of a corporation.
Would this include board games competitions?
Generally, yes, the same approach and rules would apply.