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IRS Requirements for Non-Profit Organizations

IRS Requirements for Non-Profit Organizations. Presented By: Emilio J. Miyares Gulf Region Trustee. Introduction. With only the exception of a few non-profit organizations, all tax-exempt organizations must file an annual tax return with the IRS. There are 3 levels of tax compliance

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IRS Requirements for Non-Profit Organizations

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  1. IRS Requirements for Non-Profit Organizations Presented By: Emilio J. Miyares Gulf Region Trustee

  2. Introduction • With only the exception of a few non-profit organizations, all tax-exempt organizations must file an annual tax return with the IRS. • There are 3 levels of tax compliance • Form 990-N • Form 990-EZ • Form 990

  3. Annual Electronic Filing Requirements for Small Tax-Exempt Organizations • Form 990-N Electronic Notice (e-postcard) • Annual Gross Receipts of less than or equal to $50,000. • This applies only to organizations who are NORMALLY under $50,000. • Failure to file a return for three consecutive years will result in revocation of the organization’s tax-exempt status. • Additional information is available at the IRS website www.irs.gov/charities

  4. Form 990-EZ • Fiscal Year 2010 • Gross Receipts less than $200,000 • Total assets less than $500,000 • Requirement of 7 additional schedule attachments when applicable

  5. Form 990-EZ Cont. • Organizations must review instructions for each schedule to determine reporting requirements • Example of Schedule B (Contribution of $5,000 or more from a single donor)

  6. Form 990 • Fiscal Year 2010 • Gross receipts more than $200,000 • Total assets more than $500,000 • Requirement of 16 additional schedule attachments when applicable

  7. Form 990 Cont. • Organizations must review instructions for each schedule to determine reporting requirements • Example of Schedule M (Reporting of non-cash contributions)

  8. Form 990 Cont. • Recommend policies and procedures but not required by IRS Revenue Code • Whistleblower policies • Conflict of interest • Retention and destruction policies • Attachments • Form 990 questionnaire • Financial Ethics and Accountability

  9. Audit Committee • Minimum of 3 volunteers • one a member of the board of directors • one must qualify as a “financial expert” • Committee is responsible for the appointment, compensation and oversight of the independent accounting firm employed for the audit • Committee will send request for proposals to accounting firms minimally every 5 years to select accounting firms • Committee will report at least once annually to the board of directors

  10. Annual Audit • Engage an independent CPA firm to conduct an audit of your financial statements • The audit will be conducted in accordance with Accepted Accounting & Auditing Standards • A report of the examination and recommendation to the financial statements will be issued • The report will go directly to the audit committee and the board of directors

  11. QUESTIONS & ANSWERS Please contact Emilio Miyares at Emilio_Miyares@nationalcops.org or by phone at (305) 761-3722

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