Hi all - what would be the tax implications be for grantees? Does it count as a lump sum when it’s distributed (if to an individual or business account), or if it would be paid directly to contractors and vendors without being taxed first?
@ckunkel1 Payments will go in a lump sum to the Grantee/Payee. We do not pay contractors/vendors directly.
So then would the lump sum be considered taxable income? Thank you for answering!
Generally yes, grants do count as taxable income, but I recommend you consult with an accountant, as each project has different parameters.