Crowdfunding can be easy, but the tax implications may not be - WCS - Accounting Firm in Baltimore MD

Crowdfunding can be easy, but the tax implications may not be - WCS - Accounting Firm in Baltimore MD

Does your not-for-profit use crowdfunding platforms — such as Kickstarter, GoFundMe and Indiegogo — to raise money? Many nonprofits have found they’re a great way to engage potential supporters, particularly younger adults. However, there are tax implications that may be different from what you’re used to with other fundraising methods. Let’s take a look. IRS definition According to the IRS, crowdfunding is a method of raising money through webs…