We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you. Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations.
which includes the following items.
- 1. Income Statement with awfully specific revenue and expense categorieslike donations, salaries, postage
- 2. Balance Sheet with specific categories like cash, accounts receivable,
- 3. Functional Expense Statement with all the expenses allocated to either
program services, fundraising
- 4. Individual Program Expense Statement that reports all the expenses for
each program or service like seminar programs or educational mailings.
- 5. Revenue Support Schedules that detail the organization's sources of
income in specific categories like charitable donations, membership fees,
The IRS uses these specific revenue and expense classifications todetermine 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 is what we do for you...
If you are starting a new not-for-profit organization, we can help you prepare your organization's 501 (c)(3) application for tax-exempt status.
Here is what is needed...
- Review and compile your financial statements.
- Design, install, and maintain your Accounting System.
- Weekly, bi-weekly, or monthly payroll preparation
- Payroll Tax Preparation and Deposits
- Provide training for your board on non-profit financial statement usage and effective budgeting practices.
- Prepare and file the 990 and 990T tax forms.
- Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
- Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.
- Articles of Incorporation
- Employer Identification Number
- Inventory of Assets like cash, furniture, equipment, property, pledges...
- Inventory of Liabilities like mortgages, accounts payable, loans...
- Revenue and Expense Statements.
Let us help you setup and/or maintain your non-profit tax-exempt status by requesting a free consultation below.