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Nonprofit Accounting Basics
To maintain corporate good standing status in most states, nonprofits are required to file annual or periodic reports with the Secretary of State, just like their for-profit counterparts.
Charitable Registration: Most states require nonprofits who solicit contributions in their state to be registered in that state.
Escheat Tax: More commonly called Unclaimed Property Tax, this can be a real trap for the unwary.
As states continue to struggle through the current economic downturn, many are looking for ways to increase revenues.