Does Your Nonprofit Need an Audit?
The regulations on nonprofit auditing vary from state to state. There are federal laws that mandate audits for certain nonprofits too. First and foremost, you should educate yourself on the laws in your state and investigate whether you are legally required to undergo an audit. For example, the federal government requires that any nonprofit receiving […]
What Nonprofits Need To Know About Form 990
Nearly all the approximately 1.74 million organizations recognized as tax exempt by the IRS must file Form 990 or another form in the same series annually. Organizations making less than $200,000 in revenue and having less than $500,000 in assets must file Form 990-EZ, and organizations making less than $50,000 must file a Form 990-N […]
How Nonprofits Should Handle Tax Form 990
Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated […]
How Nonprofits Should Handle Tax Form 990
Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated […]
Know the Benefits of a Nonprofit Audit
The regulations on nonprofit auditing vary from state to state. There are federal laws that mandate audits for certain nonprofits too. First and foremost, you should educate yourself on the laws in your state and investigate whether you are legally required to undergo an audit. For example, the federal government requires that any nonprofit receiving […]
4 Tax Concerns for Nonprofits
Just because you run a nonprofit, it doesn’t mean you can completely ignore taxes. You still have to file. In fact, if your nonprofit fails to file its annual federal return (Form 990) for three consecutive years, its tax-exempt status will be revoked automatically. The law surrounding this is clear. There are other areas in […]
