Author: admin
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501(c)(3) Organizations & 990 Filing: A Guide to Exemption/Filing Requirements
An organization having tax-exempt status means that the net profits of the organization are exempt from federal taxes. While certain states allow state-level exemption, this status is primarily granted by the IRS. If your organization is new, you may not have obtained tax-exempt status yet and will need to do so. This blog will give…
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So You Got an Error Code: Why and What to Do! A Tax990 Guide
Getting an error is–let’s face it–annoying. This is especially true when the codes are long strings of numbers that don’t seem to clearly indicate what the actual problem is. As with everything, however, knowing is half the battle–and with Tax990’s handy guide on your side, you’ll have all the info you need to combat any…
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How-To: A Tax990 Guide to Form 990-T’s Schedule A
Form 990-T is filed by tax-exempt organizations to report their Unrelated Business Taxable Income (UBTI)–$1000 or more–to the IRS. Organizations that file Form 990-T should include Schedule A with their main form. This article is an overview of what tax-exempt organizations need to know about filing Form 990-T’s Schedule A and if it applies to…
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Form 990: What You Need to Know About Filing for Your Nonprofit
**Editor’s Note**: This article originally appeared on Blackbaud’s “Engage” blog at https://blog.blackbaud.com/form-990-what-you-need-to-know-about-filing-for-your-nonprofit/. It is being republished with permission. It may feel like very few things involving the IRS are straightforward. But when it comes to nonprofit tax exemption, staying compliant with IRS regulation can be–all because of the Form 990 Series. The Form 990 Series…
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I Received Error Code F990PF-905-01. What Should I Do? A Tax990 Guide!
Error Code F990PF-905-01 indicates the organization has not been established as a private foundation with the IRS (only private foundations can file Form 990-PF). Received this code? Read on for more information about what it is, why you received it, and what you should do about it. What is Error Code F990-905-01? As mentioned above,…
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The IRS Sent Me a Letter. Now What? A Tax990 Guide!
Receiving a letter from the IRS is not likely anyone’s idea of a nice surprise. Like taking medicine, though, it’s best to deal with it quickly (and on the first try!). While it may be a universally stressful part of anyone’s day, the truth is that there are a variety of reasons the IRS may…
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Maintaining Public Integrity for Nonprofit Organizations: It’s All About Trust
There are few things more valuable than trust. While it isn’t something you can hold in your hands, a lack of trust between your nonprofit and the public can have very real, very tangible consequences. Trust is more than just one singular component, too, with several elements coming together to comprise a nonprofit’s public image.…
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So You Owe the IRS Money? How-to Pay and Avoid Further Penalties
Receiving a letter can be a wonderfully personal, nostalgic experience…unless, of course, that letter happens to be from the IRS. If your organization receives a letter from the IRS saying that your organization owes money, it can seem scary and overwhelming! You’ll want to take care of the issue as soon as possible to avoid…
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Tax990’s Guide to the Reviewers and Approvers Feature: Share Your 990 and Get Feedback!
When filing a 990 Series Return on behalf of your organization, it isn’t difficult to imagine scenarios where being able to share the return with others–be they a colleague or board member–would come in handy. With Tax990, you can do just that! Tax990 provides users the ability to share their organizational return prior to transmitting…
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Let Tax990 Show You How to Complete Form 990-PF Part I!
First Things First–What is Form 990-PF and Who Needs to File it? Form 990-PF is used by the private foundations to report their revenue, expenses, direct charitable activities, capital gains, losses, officer details, distributable amount, qualifying distributions, and their income-producing activities annually to the IRS. Additionally, it also helps private foundations calculate taxes based on…