We can help you setup and maintain your non-profit
organization's tax-exempt status by handling all the IRS reporting for you.
The IRS is constantly updating and monitoring the EO (Exempt Organization) activity. Small Charities should review their filing requirement as more organizations may file Form 990-N.
If you would like additional information for Charities & Other Non-Profits, you can refer to the IRS Website which provides information regarding the new law expanding health coverage and how it applies to exempt organizations. That website is www.irs.gov/charities.
If you do have to submit Form 990, you will need to include the following items.
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Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
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Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
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Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
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Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
- Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it's imperative that you build your accounting system around these revenue and expense classifications.
Here's what we do for you...
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Review or compile or audit your financial statements.
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Design, install, and maintain your Accounting System so it can properly track revenue and expenses by grant and/or program.
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Provide training for your accounting personnel.
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Complete and file your non-profit status application
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Provide training for your board on non-profit financial statement usage and effective budgeting practices, internal control practices, and best practices.
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Prepare and file your federal, state and attorney general annual tax returns.
