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Business

  • Nonprofit disclosure matters, Part 5

    IRS requires charitable nonprofits to operate within the scope of certain parameters based on the particular IRS tax code for which the nonprofit originally applied. Nonprofits receive tremendous benefits with respect to income and sales tax exemptions. Coincidentally, public inspection of certain documents is required by IRS. However, at the same time, there are defined limitations on which documents and when and how they can be inspected by the public.

  • Nonprofit governance & practice, Part 4

    While the IRS may not mandate particular management structures, operational or administrative practices, it does expect 501(c)3 public charities to advance thoughtful governance practices. The IRS also expects nonprofits to set appropriate policies and conform to required tax law. What IRS does want is sound management and observance of tax laws that impact to profits. 

  • In Homosassa, growth is the word

    By Rochelle Kaiser

    Chronicle

    The landscape in Homosassa is changing as a number of new businesses opening continues to grow by leaps and bounds. The majority of these new businesses are located within a five-mile radius of each other and each one is either already open or plans to open before the end of the year.  

  • When opportunity introduces itself, say hello and smile

    Talk about a missed opportunity. For Renee Wilson, now global chief client officer for the MSLGROUP, it came years ago when she was a gung-ho intern with more awards already under her belt than most folks amass in a lifetime.

    She fully expected her exceptional talent, dedication, work ethic and enthusiasm to land her a dream job at the Manhattan firm where she had been slogging away for six months. 

  • Doctor's vision going strong 25 years later

    By Megan Carella
    For the Chronicle

    When Dr. John Rowda purchased the land for his ophthalmology practice, Lecanto Highway consisted of rolling hills and farmland. None of the health care agencies and clinics that cover today’s “medical corridor” yet existed. Citrus Memorial Health System’s Allen Ridge Medical Center was still in the planning stages — the hospital would purchase the land adjacent to Rowda’s three days later. 

  • New chief of surgery at Seven Rivers finds Citrus a comfortable fit

    By Megan Carella
    For the Chronicle

    A desire to return to small-town Florida brought Adnan Mohammadbhoy, D.O., to Citrus County in 2011. Known by one and all as “Dr. Mo,” the Florida native is the new chief of surgery for Seven Rivers Regional Medical Center, where he performs a wide range of surgical procedures using traditional and minimally invasive techniques.

  • Dr. Ghassan Hasan: A passion for primary care

    By Megan Carella
    Correspondent

    In his role as newly appointed chief of medicine for Seven Rivers Regional Medical Center, Dr. Ghassan Hasan serves as an advocate for members of the medical staff to the hospital administration. He extols the high quality of the physicians he represents and appreciates the support the hospital provides to its physicians. 

  • Beware too-good-to-be-true job offers: They are

    I’m constantly looking at real estate. It’s part wishful thinking, part window shopping, part hobby. After years of poring through listings plus an admitted obsession with HGTV’s “House Hunters” and “Property Brothers,” I like to believe I have a pretty good idea of what the market will bear.

    So when I spot an ideal four-bedroom, two-and-a-half-bath for rent in a nice neighborhood with mature trees for $500 a month, my Spidey senses start to tingle.

  • IRS compliance matters, Part 2: Safeguarding the tax-exempt status

    Once the purpose and mission of a nonprofit is clearly defined, important information must be communicated about the organization to appropriate governmental agencies. There are six essential forms, five different agencies and a total of 50 to 70 pages of information or more, including supplemental materials. 

    These filings give legal life and provide multiple benefits to the organization. 

  • IRS nonprofit compliance matters

    This column begins a series on compliance guidelines as laid down by the Internal Revenue Service for 501(c)3 nonprofit organizations.

    Accounting/bookkeeping requirements
    Nonprofits can be exempt from certain taxes, specifically federal income and state sales tax. However, IRS has established rules, similar to those for for-profit business, relative to accounting and bookkeeping requirements. The IRS grants tax exemptions but reserves the right to review financial activities to assure compliance.