Stay Current with Your Nonprofit Filing Requirements
With the Pension Reform Act of 2006, the requirement for filing the Form 990 came under close scrutiny, and that enforcement effort isn’t likely to change soon.
The IRS remains concerned with what nonprofit organizations, exempt under Section 501(c)3, do to earn and maintain the privilege of not paying income tax on their proceeds, plus the potential exemptions from property and sales taxes in many local jurisdictions.
Among the fiduciary responsibilities that come from the public trust of being a charitable organization, an annual filing requirement under the Form 990 series exists. For organizations with gross receipts of at least $200,000 or total assets of at least $500,000, the long Form 990 is required with its 100 plus questions.
Except for the very small charities, all other organizations may use the much shorter and simpler Form 990-EZ. Those with typical gross receipts of $50,000 or less can use the simple online Form 990-N postcard. Private foundations must still file the Form 990-PF regardless of size.
The possibility of also being required to file the Form 990-T still exists if your group falls under the Unrelated Business Income Tax (UBIT) rules or you’re eligible for a tax credit, such as the Small Business Health Care Credit.
So get your accounting done and see which form is appropriate for you—it’s due the middle of the fifth month after the end of your fiscal year!
Contact us if you need help determining your filing requirements or doing the required accounting: Lynn@onlinestewardship.com or 904-398-4747.
