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Experts For Nonprofit Tax Returns
Nonprofit organizations in the United States are generally required to file an annual information Nonprofit Tax Returns with the Internal Revenue Service (IRS). The requirement for nonprofit organizations to file an annual information Nonprofit Tax Returns serves multiple purposes, including transparency, accountability, verification of tax-exempt status, prevention of abuse, and facilitating research and analysis of the nonprofit sector.
- Transparency and accountability: Nonprofit organizations enjoy certain tax benefits and exemptions because they are expected to operate in the public interest. Filing an annual information return provides transparency and accountability by disclosing key financial and operational information to the public, donors, and regulatory authorities. This helps maintain public trust and ensures that nonprofits are using their resources appropriately.
- Verification of tax-exempt status: By filing an annual information return, nonprofits demonstrate that they continue to meet the requirements for tax-exempt status. The information provided in the return allows the IRS to assess whether the organization is still eligible for tax-exempt status and whether it is operating within the bounds of its stated mission.
- Preventing abuse and fraud: Requiring nonprofits to file annual information returns helps prevent abuse and fraud within the sector. The information provided in these returns allows the IRS to identify potential red flags, such as excessive executive compensation or improper use of funds. This oversight helps maintain the integrity of the nonprofit sector and ensures that resources are used for their intended charitable purposes.
- Statistical and research purposes: The data collected through annual information returns is used for statistical and research purposes. It helps government agencies, researchers, and policymakers gain insights into the nonprofit sector’s size, scope, and impact. This information can inform policy decisions, funding allocations, and resource planning.
Empowering Nonprofits through Responsible Tax Filing
The specific form that needs to be filed depends on the size and nature of the nonprofit. CPA CLINICS’ nonprofit tax filing services provide professional assistance to nonprofit organizations in fulfilling their tax obligations accurately and efficiently, allowing them to focus on their mission and activities while maintaining compliance with tax laws. Here’s an explanation of what our services include:
- Preparation of tax returns: Nonprofit tax filing services involve the preparation and completion of the necessary tax forms, such as Form 990 or Form 990-PF, based on the organization’s financial information and activities. The service provider ensures that the forms are accurately filled out and comply with the IRS requirements.
- Compliance with regulations: Nonprofit tax laws can be complex, and staying compliant is crucial to maintain the organization’s tax-exempt status. Tax filing services help nonprofits understand and adhere to the relevant regulations, ensuring that all necessary information is included in the tax returns.
- Financial analysis and reporting: Nonprofit tax filing services may involve a thorough analysis of the organization’s financial records to ensure accuracy and completeness. The service provider may also assist in generating financial reports that are required to be submitted along with the tax returns.
- Tax planning and strategy: Tax professionals offering nonprofit tax filing services can provide guidance on tax planning and strategies to minimize tax liabilities and maximize the organization’s financial resources. They may identify potential deductions, exemptions, or credits that the nonprofit may be eligible for.
- Communication with the IRS: In case of any inquiries, audits, or correspondence from the IRS, nonprofit tax filing services can act as a liaison between the organization and the tax authorities. They can help address any issues, respond to inquiries, and represent the nonprofit during the audit process if necessary.
Does your organization have Nonprofit Tax Returns expertise?
Most tax-exempt organizations must submit a Form 990, 990-EZ, 990-PF, or Form 990-N (e-Postcard) to the IRS each year in order to report nonprofit accounting information. When three years go by without filing, tax-exempt status is auto-revoked. This is a costly error, so you should implement the necessary safeguards and procedures to prevent your tax-exempt status from being removed.
Our nonprofit bookkeeping team has received several requests from groups seeking help reestablishing their tax-exempt status. Here is a list of businesses whose tax-exempt status was terminated by the IRS due to their failure to comply with filing requirements. Check more information on IRS.
We are here for you, CPA CLINICS’ nonprofit bookkeeping services Team understands the intricacies of the nonprofit world and assist with keeping your finances and tax-exempt status in order
Nonprofit Tax Returns - IRS Filings
Application For Recognition Of Tax Exemption
There are numerous types of nonprofit organizations and each one has its own application with complex tax exemption filing requirements. Our experienced Nonprofit Tax Returns team can save you time, money, and energy.
$500
Reinstatement
Although you have worked hard to get your tax-exempt status, it is possible for noncompliance to cause a revocation of the status. Nonprofit Tax Returns department will assist in reinstatement of tax-exempt status.
$500
Form 990-N
Form 990-N can be used to satisfy annual Nonprofit Tax Returns reporting obligations for small tax-exempt organizations with gross receipts less than $50,000
$49
Form 990-EZ
With gross receipts between $50,000 and $200,000 or total assets < $500k, use this form for Nonprofit Tax Returns
$99
Form 990
For Tax-exempt organizations with gross receipts more than $200,000 / total assets more than $500k
Starting From$199
Form 990-PF
Form 990-PF, is used for charitable private foundations Nonprofit Tax Returns
Starting From$199
Form 990-T
- Includes Schedule A
- Built-in error check system
- Includes supporting forms 4562, 4797, 1120 Schedule D, 104T Schedule D, 1041 Schedule I, 8949, and 8995
Form 990-T is used by exempt organizations to report unrelated business income
Starting From$199
Amendments
- Available for 990, 990-EZ, 990-PF, 990-T, 1120-POL, and CA-199
If you need to modify your Forms 990, 990-EZ, 990-PF, 990-T, 1120-POL, and CA-199, then the Amended Nonprofit Tax Returns can be submitted by our nonprofit accounting team
Starting From$50
CA Form 199
- Includes Schedule L
- Includes Schedule M-1
Used to report Nonprofit Tax Returns information relevant to maintaining your tax-exempt status
Starting From$50
Form 8868
For six-month extension of time to file a return, utilize Form 8868 (submit Forms 1041-A or 5227)
$19
1120-POL
- Includes Schedule D
- Built-in error check for accuracy
Used to report political organization’s taxable income and income tax liabilities under Section 527
Starting From$50
Form 8038-CP
- Includes Schedule A
Used for the purpose of claiming refundable tax credit payments due to the issuers of qualifying Build America Bonds, Recovery Zone Economic Development Bonds, and specified tax credit bonds