For those non-profits that have had special events this can be one of the more difficult areas, specifically when it comes to reconciling between the financial statements and the Form 990. Before we start detailing the differences, it will help to outline the different revenue types related to special events. The different revenue types include …
In addition to finalizing the rule of using NAIC codes for making the determination as to whether an organization has more than one separate unrelated business activity for Form 990-T reporting purposes, which you can read all about here, the IRS Final Regulations (which adds section 512(a)(6) to the Internal Revenue Code) also includes other …
Tax exempt organizations may not be 100% tax exempt. Organizations may get involved in certain income-producing activities that could be subject to tax (unrelated business taxable income or UBTI). Under the Tax Cuts and Jobs Act, the IRS began requiring tax exempt organizations to report the income and expenses from each unrelated business activity separately …
All the time and research needed to gather records, compile information, and fill out forms necessary to complete a Form 990 can be extensive. Understanding the proper form to use for your organization could be one less thing to worry about and possibly be a time saver. So here is a short guide that can …
The Form 990 Schedule B, also known as Schedule of Contributors, is one of the more common schedules required for non-profits that receive contributions throughout the year. The name may give it all away, but it is a schedule that requires reporting of contributors who have donated amounts over certain threshold requirements depending on the …
The Exempt Organizations Division of the IRS has recently made a change in how they select nonprofit organizations for audits of the Form 990. Previously, audit selections were made based on specific types of organizations. For example, after the IRS conducted a study of nonprofit hospitals, those organizations were audited in higher numbers than other …
Alright, I’ll admit the title of this article is rather deceiving. Unless you’re just a naturally lucky accountant or a psychic, chances are you will have errors in your budget causing you to go over or under the projected budgeted amounts from the beginning of the year. I wish I had better news for you; …
Nonprofit organizations collect many different types of support from donors, which are not always cash gifts. When an organization receives gifts of goods or services, it may lead to questions. How and when do gifts in-kind get recorded? What are gifts in-kind? Gifts in-kind are donations of tangible and intangible individual property and contributions of …
Does your organization check all the right boxes? For Schedule A, that is. Schedule A is a crucial piece of the 990 for nonprofits as it calculates whether they truly qualify as a publicly supported organization or not. Generally, to be considered a publicly supported organization, the nonprofit must have support of at least 33 …
Please note the new filing date for Form 1099-MISC, per the IRS: Public Law 114-113, Division Q, Section 201, requires Form 1099-MISC to be filed on or before January 31, 2017 (compared to February 28th in the prior year), when you are reporting nonemployee compensation payments in Box 7. Otherwise, file by February 28, 2017, …