|
Posted by gwehrenb on January 7, 2007, 10:51 pm
Please log in for more thread options
I have recently become treasurer of a 501c3 organization.
No more than $10,000 flows thru our account in a year. The
previous treas., a CPA, tells me he hasn't filed a 990ez
since 2003 when the org was formed.
In a previous treasurership position, I was told to file
one, regardless of our income or expenses.
What exactly are the rules, please. Thank you.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Arthur Kamlet on January 8, 2007, 9:39 pm
Please log in for more thread options
> I have recently become treasurer of a 501c3 organization.
> No more than $10,000 flows thru our account in a year. The
> previous treas., a CPA, tells me he hasn't filed a 990ez
> since 2003 when the org was formed.
>
> In a previous treasurership position, I was told to file
> one, regardless of our income or expenses.
>
> What exactly are the rules, please. Thank you.
Until very recently if under $25,000 you didn't have to
file.
But you can file.
For 50,000 - 100,000 you can generally use the 990EZ.
Effective 1/1/07 (unless it's 06) you have to file without
any figures, just to show you really exist and have an
address etc.
__
Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by ebetts3 on January 8, 2007, 9:39 pm
Please log in for more thread options gwehrenb@bellsouth.net wrote:
> I have recently become treasurer of a 501c3 organization.
> No more than $10,000 flows thru our account in a year. The
> previous treas., a CPA, tells me he hasn't filed a 990ez
> since 2003 when the org was formed.
>
> In a previous treasurership position, I was told to file
> one, regardless of our income or expenses.
>
> What exactly are the rules, please. Thank you.
It's explained in the instructions for the 990EZ, but if
your gross income is less than $25K, you don't have to file
unless you receive a card from the IRS.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Don Priebe on January 8, 2007, 9:39 pm
Please log in for more thread options > I have recently become treasurer of a 501c3 organization.
> No more than $10,000 flows thru our account in a year. The
> previous treas., a CPA, tells me he hasn't filed a 990ez
> since 2003 when the org was formed.
The requirement for filing a 990/990EZ is $25,000 of
contributions. But that includes everything, not just cash
that flows thru your account. For example, a food pantry
would include the value of donated food, grants that show up
as credits at the food bank, etc. And of course be sure to
check your state rules.
Also starting in 2008 there is a new requirement to file a
federal information return no matter how small your
donations are.
http://www.irs.gov/charities/article/0,,id=161145,00.html
The IRS folks at the exempt organization unit in Odgen are
actually very helpful. 1-877-829-5500.
--
Don EA in Upstate NY
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Benjamin Yazersky CPA on January 8, 2007, 9:39 pm
Please log in for more thread options
> I have recently become treasurer of a 501c3 organization.
> No more than $10,000 flows thru our account in a year. The
> previous treas., a CPA, tells me he hasn't filed a 990ez
> since 2003 when the org was formed.
>
> In a previous treasurership position, I was told to file
> one, regardless of our income or expenses.
>
> What exactly are the rules, please. Thank you.
Sometimes the tail can wag the dog. While a non profit
organization may not meet the income requirements to be
required to file, there could be state laws that effectively
require it.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | file in CA & CT? | January 13, 2007, 1:53 am |
| Do I have to file TD F 90-22.1? | January 23, 2008, 1:56 pm |
| which state to file in | December 2, 2006, 8:41 pm |
| Paying to e-file? ? ? | February 6, 2007, 10:17 pm |
| e-file sites | February 18, 2007, 3:30 am |
| Should I file return even if no tax due? | February 22, 2007, 2:27 am |
| Does my child have to file | March 16, 2007, 1:12 pm |
| Required to File?? | April 13, 2007, 11:48 pm |
| Must/May we file a 1098? | January 16, 2008, 6:40 pm |
| Does my daughter need to file | January 17, 2008, 10:37 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap