Nonprofit Accounting Basics

Form 990

Advance Ruling Period Eliminated

Originally Posted: May 20, 2009

During the process of applying for tax-exempt status under code Section 501(c)(3) an organization provides information showing that it is reasonable to expect that it will be publicly supported.

Advisory Committee on Taxation Issues 2015 Report

Originally Posted: July 2, 2015

Advisory Committee on Tax Exempt and Government Entities

The Advisory Committee on Tax Exempt and Government Entities (ACT) is comprised of members appointed by the IRS Commissioner in orde

Best Practices

Originally Posted: May 20, 2009

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

Originally Posted: May 20, 2009

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

Originally Posted: May 20, 2009

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

Direct Mail Costs—Program or Fundraising?

Originally Posted: November 12, 2012

Are you mailing out your year-end giving letters soon? Many nonprofits send out a mailing around the holidays to help promote year-end giving.

Disaster Relief Organizations

Originally Posted: July 2, 2012

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.

Disqualified Persons and the Intermediate Sanctions Excise Tax Regime

Originally Posted: October 27, 2014

This article is meant as an overview to intermediate sanctions and who is a disqualified person under that excise tax regime.

Form 990 (Core Form)

Originally Posted: April 2, 2010

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.

Form 990 Schedules

Originally Posted: December 3, 2010

The following list notes the schedules that are part of the Form 990. Each schedule is completed only if the organization meets the requirements for filing the particular schedule.

Governance Review of the Form 990

Originally Posted: May 20, 2009

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

Originally Posted: May 20, 2009

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!

Originally Posted: March 13, 2012

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

Key Considerations for Audit/ Finance Committee Review for Form 990

Originally Posted: October 8, 2012

With the transparency and public availability of the “new” Form 990, review of the Form 990 by audit or finance committees (and sometimes the entire governing body) has become a best practice adopt

Personal Information-It Doesn't Belong in your 990!

Originally Posted: January 13, 2016

With identity theft an ever-growing threat, it's never been more important for exempt organizations to make sure their filings contain no personal or private information that might expose to fraud

Which 990 Form to File

Originally Posted: April 16, 2012

There are threshold rules to consider when choosing the informational form an exempt organization should file. It should be noted that there are exceptions to each of these thresholds.

Subscribe to Form 990