Hi,
Our new company just finished it's first succesful (artistically, not financially) year. We are encouraged enough to go ahead and slog through the nonprofit paperwork in the near future.
My question is: how do we handle this first year taxwise. Must it be as a regular business that operated at a loss? If we get the nonprofit process going soon is there anyway we can "retroactively" claim the last season as a nonprofit?
Rather confused.
Thanks for any clue in advance.
Billie