Author: Stephanie
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The IRS Released a Draft of Form 8868: What’s New?
The IRS recently released a new draft of the IRS Tax Extension Form 8868 that includes some notable changes. This form is used by tax-exempt organizations when requesting an extension of time to file their annual tax returns. These changes, while not yet finalized by the IRS, are a great way to gauge the updates…
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Navigating the Final Sections of IRS Form 990-PF: Parts 13, 14, 15, 16
Congrats, you’ve made it to the home stretch! Today we are going to power through the final Parts of the 990-PF Form and talk about Parts 13-16 Not quite there yet? No worries, get caught up with this blog about Parts I-IV, this blog on parts V-VIII, and this blog on Parts IX-XII! Part XIII…
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Almost There: A Guide to Completing Form 990-PF Parts 9-12
Good news, we are halfway there, Now that we’ve made it through Parts I-VIII! Let’s dig into Parts IX-XII! Need a recap? No, problem! Form 990-PF is a 990 Series tax return that private foundations are required to file annually with the IRS. The information that the IRS requires on this form includes the organization’s…
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Sports Clubs and Tax-Exemption: 501(c)(3) Eligibility and Requirements
In general, when we think of nonprofits, we automatically think of some of the most obvious and prevalent types, for example, a food bank, an animal rescue shelter, or a public health clinic. However, the nonprofit sector is even more far-reaching. There are some organizations that do not automatically come to mind but are actually…
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Navigating 990-PF: A Step-by-Step Guide for Parts 5-8
Congratulations on successfully completing Parts 1-4 of your Form 990-PF! Not quite there yet? Be sure to read the first blog in our 990-PF series here. Now, let’s dive into the next section, which covers Parts 5 to 8. We understand that this can seem overwhelming, but fear not – we’re here to help you…
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Form 990-PF for Private Foundations: Completing Parts 1, 2, 3, and 4
The 990-PF form is a lengthy document consisting of 13 pages, and 16 Parts that allow the foundation to provide extensive information to the IRS regarding the activities and actions of the organization throughout the tax year. We are going to break down these different parts in a 4-part blog series to help explain the…
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Hospitals and their Tax-Exempt Status: Eligibility and Filing Requirements
It is a common misconception that the nonprofit sector is always cut and dry. There are many types of organizations that can be considered a nonprofit or a for-profit depending on their programs, services, and structure. This is especially true when it comes to hospitals. While many are run with a for-profit business structure, many…
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Savvy Tips for Retaining and Accessing Your Nonprofit’s Vital Documents
Keeping meticulous records is not just a best practice; it’s an essential requirement for nonprofits. You never know when you might need to access historical financial data, crucial governing documents, or past tax returns. Here at Tax990, our team is all about staying savvy, saving time, and helping your organization work smarter, not harder. While…
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Finishing Up Your Organization’s Form 990: Parts 10-12
When it comes to financial reporting for your organization, the balance sheet plays a pivotal role. It serves as the financial snapshot that showcases your assets and liabilities, ultimately determining your net assets or fund balances. In this blog post, we’ll break down the essential components of the balance sheet and provide you with a…
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Certain Nonprofits are Required to File IRS Form 990 Returns by October 16th
Many people think that nonprofit organizations don’t have strict IRS reporting requirements because they are tax-exempt. This is a major misconception. Those who operate or work closely with nonprofit organizations will tell you that they actually file very detailed tax returns with the IRS each year. For certain nonprofits, their deadline to file tax-exempt 990…