Taxes and crowdfunding: An accountant's advice

This is tax season. It's also fundraising season. For the substance use field, that can mean crowdfunding. We got some good advice from Mark Gallegos, partner with Porte Brown accountants of Elgin, Illinois. “GoFundMe and similar crowdfunding campaigns fall into a quirky corner of the tax code because the IRS doesn't have a single, unified set of rules for them,” he said. “The taxability really depends on the intent behind the payment.”