Families helping families is a cornerstone of American values. When disaster strikes, it’s natural for friends and family to step up to help shoulder the burden. What’s not natural or expected is the tax bill that may be due once the fundraiser is complete.
When curing a disaster requires a monetary commitment, using a crowdfunding source such as GoFundMe or Snowball can streamline your operation and expand your reach. As a result, the organizer or recipient can be taxed on the donations. Where we help is setting up a charitable foundation to shield recipients and organizers from tax liabilities.
We’ve seen first-hand how an unexpected tax bill can be an enormous burden on families at the time when they least need it. That’s why we formed Emergency Charitable Services; to help our community help each other without the cloud of uncertainty darkening their day. Utilizing years of experience from the CPA and attorney fields allowed our founders the knowledge and know-how to structure charitable foundations to shield families helping families from an unfair tax burden. ECS can help set up a charitable foundation for your fundraiser.