Tag: irs form 990
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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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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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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…
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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…
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Form 990 (Part I-3): A 5-Minute Crash Course for Nonprofits
As a nonprofit organization, you are 100% dedicated to your mission and bettering your community. As the leader of the organization, you probably have many unofficial titles and endless responsibilities. At Tax990, we understand that “tax preparer” is an unofficial title that can be beyond daunting. There is a common misconception that because nonprofit organizations…
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Today is the Deadline to file 990 Series Forms! Here’s A Checklist for Last-Minute Filing!
Monday is always a busy day, it’s the start of a new work week. But if you are operating a tax-exempt organization following a calendar tax year, this Monday is going to be even busier! Today (May 15, 2023) is the most significant Form 990 deadline of the year. This deadline applies to, Tax-exempt organizations…
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Navigating the 990 Series: Understanding Schedules and Simplifying Filings with Tax990
There are so many very specific parts to filing a 990 series return. In addition to the 990 return itself, there are also often additional schedules required to provide more specific information on a topic indicated on the 990 return itself. 16 different schedules may be associated with the 990 series return. Your organization does…