Net income only includes revenues and expenses that are recognized on the income statement. Comprehensive income, on the other hand, includes net income plus other comprehensive income (OCI), which encompasses items like unrealized gains/losses on available-for-sale securities and foreign currency translation adjustments. Net income focuses on the operational performance, while comprehensive income gives a broader, […]

Stay on top of your finances, save big on taxes, and grow your business faster with doola. This will help catch any discrepancies early on and make identifying and resolving them easier. Understanding why discrepancies occur and how to address them can prevent potential financial pitfalls. A common mistake is transposing numbers, such as 750 […]

The organization’s articles of incorporation and bylaws must be attached to the Form 1023. After you’ve incorporated, obtaining federal tax-exempt status is a critical step in forming a nonprofit organization. Most of the real benefits of being a nonprofit flow from your 501(c)(3) tax-exempt status, such as the tax-deductibility of donations, access to grant money, […]