Help Filing Form 990 Return for Tax-Exempt Organizations.
Business & Financial Solutions is an accounting firm that provides a wide range of services to individuals, businesses and nonprofit organizations. Our goal is to assist clients in the successes and offer the services and tools you need for that success. Among those services offered are those for 501 (c) (3) organizations, including the preparation of Form 990 Income Tax Return for exempt Organizations. Our preparers are experienced and efficient.
Most exempt organizations that have gross receipts of at least $200,000 or assets worth at least $500,000 must file Form 990 on an annual basis. Some organizations, such as political, churches, and other religious organizations, are exempt from filing an annual Form 990. Though these are the financial requirements, we recommend that any organization that is actively moving forward in their operations file this annual report to the IRS. If you are actively seeking funding through grants, the funder will want to see this return. Chances of receiving grants are largely improved with this document, regardless of the gross receipt or assets requirement.
Form 990 initially requires the organization to describe its mission or other significant activities. The organization must then disclose financial details on its revenues, expenses, assets and liabilities. The IRS also wants to ensure that the organization is worthy of maintaining its tax-exempt status and requires more details on the types of activities it engages in during the year. A significant portion of the form requires information on how the organization is governed, and specifically requests the names of its officers, directors, highly compensated employees and other employees who are involved with managing the organization. A nonprofit organization that over-compensates its management may jeopardize its tax-exempt status with the IRS.
The Internal Revenue Service scrutinizes non-profit organizations to assure that they are not being used as a shell for illicit activities or for personal gain. The information required in this filing provides vital information on the activities, intentions and worthiness of 501(c) (3) operations. Preparation of form 990 requires careful record keeping, organization and documentation. Business & Financial Solutions accounting firm can help with every aspect of this workload.
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For additional information on form 990, contact our offices at (240) 297-1055, or email firstname.lastname@example.org. Our team can help with the bookkeeping, organization preparation of this tax return with the least difficulty.
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