Non Profit Organization Tax Preparation
We can assist you in the set-up and maintenance of a tax-exempt status for your organization by taking care of all IRS reporting on your behalf. Every year many tax-exempt organizations are required by the IRS to submit the From 990 and any relative forms, which also include:
- An Income Statement that includes a variety of specific expense and revenue categories such as rent, postage, donations and salaries among others...
- A Balance Sheet that includes specific categories such as accounts payable and receivable, cash, etc...
- A Functional Expense Statement with each expense that is allocated for operations, fundraising and program services.
- An Individual Program Expense statement that shows each of the expenses for every service or program such as educational mailings and seminar programs.
- Revenue Support Schedules that list the sources of income for the organization in categories such as member fees, charitable gifts and investment monies.
There are very specific categories for expense and revenue that the IRS uses to determine whether not for profit organizations will be able to maintain their tax exempt status. This is why it is vital to establish your entire system around these classifications for expense and revenue.