Andy Powell, CPA, is a partner at Sikich with over 30 years of experience in accounting and audit services. He has extensive experience providing CFO, assurance and management consulting services to a wide variety of not-for-profit organizations, including associations and public charities as well as government contractors. In addition, Andy has extensive experience with indirect cost rate determination, the DCAA audit process and compliance under the FAR.
The tax advantages of creating the 501(c)(3) is mainly for individual taxpayers. A C-corporation is considered a stand-alone entity for tax purposes and would receive limited tax advantages. The maximum benefit would be 10% of taxable income.