We Are Your Partner in Strategic Tax Planning
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 related schedules, which includes the following items:
Income Statement - Reports specific revenue and expense categories such as donations, salaries, postage, and rent.
Balance Sheet - Reports specific categories such as cash, accounts receivable, and accounts payable.
Functional Expenses Statement - Reports expenses as allocated among program services, fundraising, or operations.
Individual Program Expense Statement - Reports all of the expenses for each program or service like seminar programs or educational mailings.
Revenue Support Schedules - Reports the detail of the organization's sources of income in specific categories such as charitable donations, membership fees, and 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 is imperative that you build your accounting system around these revenue and expense classifications.
Here's what we can do for you:
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 you accounting personnel
Complete and file your non-profit status application
Provide training for your board on non-profit financial statement usage and effective budgeting practices
Prepare and file the 990 and 990-T 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
If you're starting a new not-for-profit organization we can help you prepare your organization's 501(c)(3) application for tax-exempt status.
Here's what's needed:
Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 ("Organizational Test")
Inventory of Assets, such as cash, furniture, equipment, property, and pledges
Inventory of Liabilities, such as mortgages, accounts payable, and loans
Revenue and Expense Statementsfor the last four years or as far back as possible if your organization has been in existence for less than four years
Written Reason for Formation and History of the organization
Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations
Organization Activities, Operations and Programs Documentation including your statement of purpose and operations, food programs, fundraisers, and flyers/brochures/pamphlets
Financial Support Documentation including all sources of revenue such as contributions, tithes, offerings, and fundraisers
We are happy to prepare any of these items if you need help.
Let us help you setup and/or maintain your non-profit tax-exempt status.