Nonprofit Accounting Basics

Form 990

Advisory Committee on Taxation Issues 2015 Report

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

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.

Charity Ratings: Why They Matter and Ways to Improve

What are charity ratings?  Charity ratings are evaluations created by charity watchdog organizations who are also nonprofit entities.  The mission of charity watchdo

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

Direct Mail Costs—Program or Fundraising?

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

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

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)

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

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

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:

Key Considerations for Audit/ Finance Committee Review for Form 990

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!

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

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