“Disaster can strike any time,” the IRS warns. That’s why the tax agency is encouraging individuals and businesses to create or update emergency plans. Make sure you have copies of key documents (such as bank statements, tax returns, deeds, titles, insurance policies) in a waterproof container, and keep duplicates in a safe place outside the disaster area. Or, scan them electronically onto a device such as a flash drive. Take photos or videos of high value items in your home or business for insurance claims. For more safety tips: https://bit.ly/2OeLYsf
Generally, the revenue of an exempt organization isn’t taxable, unless it qualifies as unrelated business taxable income (UBTI). That is, the revenue isn’t substantially related to the agency’s exempt purpose. One not-for-profit received royalties for a scholarly journal it produced and published through a for-profit entity. Included in the journal was advertising, which brought in revenue that was collected and reported by the publisher on its tax return. The IRS concluded the ad revenue wasn’t UBTI for the organization.