Non-Profit Tax Services
We offer the following services to our non-profit clients:
- Audited financial statements
- Reviewed or compiled financial statements
- Preparation of the Form 990 series of returns
- Assistance with budgets
- Internal control consulting
While tax-exempt nonprofit organizations do not pay federal taxes, most do have to file an informational return with the IRS called a Form 990. This form allows the IRS and the public to evaluate your nonprofit’s operations and includes information on your organization’s mission, programs, and finances.
Filing an informational return is much different from filing taxes as an individual or even as a business. At Steward Ingram & Cooper PLLC, we help nonprofit organizations like yours complete your informational return.
Filing Taxes as a Nonprofit Organization
Your Form 990 is more than just a tax return. It’s an overview of your financials and it highlights your organization’s achievements throughout the year and reports any potential conflicts of interest, board member and staff compensation, and avoidance of fraud.
Tax-exempt nonprofits should know the following about the Form 990:
Some Organizations are Exempt From Filing a 990
Most religious organizations, including churches, religious schools, and missionary organizations are not required to file a Form 990. In addition, subsidiaries of nonprofits are not required to submit a Form 990 since their financial information is reported in the parent organization’s 990. Last, nonprofits that are unincorporated or incorporated at the state level but don’t plan to apply to the IRS for tax-exemption don’t have to file a Form 990. If you are unsure if your organization is required to file, the team at Steward Ingram & Cooper PLLC can help.
There Are Multiple Versions of Form 990
There are different versions of the form for different organizations: Form 990, 990-EZ, and 990-N. The tax professionals at Steward Ingram & Cooper can help determine which version of Form 990 is best for your nonprofit and assist you in filing.
When to File the 990
The deadline for filing your Form 990 is not the same as the deadline for your personal taxes. The deadline for tax-exempt nonprofits is the 15th day of the 5th month after your fiscal year ends. If your accounting period ends on December 31, your Form 990 is due on May 15 of the following year. Not filing on time for three years in a row will result in your tax-exempt status being revoked.