Nonprofit Accounting Basics

Form 990: Core Form

Best Practices

The Internal Revenue Service believes that promoting best practices in the areas of governance, management and disclosure will lead to a higher level of federal tax law compliance.

Definition of an Officer

An officer is a person elected or appointed to manage an organization’s daily operations, such as a president, vice president, secretary, or treasurer.

Definition of Key Employee

The new definition of a key employee includes a three part test. To be a current key employee all three tests must be met:

The $150,000 Test

Disaster Relief Organizations

There have been so many disasters in recent years, both natural and financial. Many individuals and companies are seeking ways to help those in need.

Form 990 (Core Form)

The Form 990 contains a twelve page “core” form with the following twelve parts:

Part I is a summary of selected items contained in the balance of the return.

Governance Review of the Form 990

Form 990, Part VI, Line 11 relates to the organization’s process for filing the Form 990 prior to the form being filed with the IRS. Line 11 includes two parts.

Independent Voting Members of the Board

The definition of an independent voting member of the Board of Directors includes four criteria that must be met for independence:

IRS Exempt Organizations Annual Report and Workplan: What the IRS is Up To!

On February 8, 2012, the IRS Exempt Organizations (EO) Group released its annual report and workplan.

Subscribe to Form 990: Core Form