Category: Nonprofits
-
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…
-
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…
-
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…
-
A Deep Dive into Completing IRS Form 990: A Closer Look at Parts 7-9
The IRS Form 990 can be a complex and intimidating tax return. Whether you have recently taken on this responsibility of filing for an organization that you volunteer with or work for, or if you’re a seasoned filing expert, it is crucial to file accurately. Failing to do so can have major consequences for the…
-
Breaking Down Nonprofit Tax Form 990: Navigating Parts 4-6
Form 990: it’s a document that strikes fear into the hearts of many nonprofit organizations, but it doesn’t have to be that way. We’re taking apart each scary portion of this form and shining a light on it! Welcome to the next installment of our blog where we will be breaking down Form 990 part…
-
Filing a 990: How it Can Benefit Your Church (and Your Church’s Donation Box)
Each and every year, thousands of nonprofit organizations file a Form 990–and while IRS regulations mean that all churches (that meet the requirements of 501(c)(3) status) are not required to file a 990, there are a number of reasons that you may consider doing so. The biggest reason, though? It can lead to an increase…
-
Form 990 Filing for Schools and Educational Organizations: Important Information and Deadlines
Do Schools and Educational Organizations Need to File a 990? Yes! Even after obtaining tax-exempt status, your School/Educational Organization still must report their financial status, activities, and certain other information to the IRS every year. Depending on their gross receipts, assets, and information reported on the form, there may be additional requirements as well. While…
-
Form 990 Filling For Animal Rescue Organizations: A Tax990 Guide
While Animal Rescue Organizations are tax-exempt, there’s still certain information regarding their financial activities that must be reported to the IRS annually. This is done by filling out a Series 990 Form. This article details how animal rescue organizations are defined by the IRS, how they can apply for tax-exempt status, and important annual filing…
-
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…
-
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…