Not-for-profit Tax Returns

Non-profit organizations are generally tax-exempt and don’t need to file revenue forms, but the Internal Revenue Service still requires lots of information — all to be painfully extracted and meticulously organized on IRS Form 990.

Not every tax form requires a payment of tax. Sometimes information is what the IRS is after. For example, Forms 990, 990-EZ, and 990-PF (the three forms of Form 990) are considered information returns or reporting forms. The public uses the information on these returns to evaluate nonprofits and how they operate. On these forms, you can see what a nonprofit’s income and expenses are, how much it pays its key people, and other useful information that can help you assess what a nonprofit does.Form 990 is a fairly critical form for the public disclosure of information because the law doesn’t require typical annual reports from nonprofit organizations. Even financial audits by independent accountants aren’t required by law (except in special circumstances).The organizations that must file the Form 990s don’t have to pay federal income tax on income that’s related to their exempt purposes and programs. However, many private foundations do have to pay an excise tax that’s based on their investment income.

 

We prepare federal form 990 series and related schedules and all state returns.

Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.

All information necessary to setup manual accounting records is also necessary to setup and install QuickBooks on your desktop. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the year.

Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances?

An expert can easily answer all of these questions and complete the initial setup and Installation in a timely manner. In addition, your accounting employees receive training on the accounting software to enhance their performance.

How much does it cost?

We first want to find out a little more about your business and your accounting records before we quote you an exact price. Rest assured that we work with many small business owners and our rates are designed to fit the budgets of our clients.

As with any accounting software program, installation and training take time – time taken away from managing your business. Here’s a short list of the services we provide during your QuickBooks setup:

  • Study and evaluate your software and accounting needs.
  • Recommend software and hardware requirements.
  • Install software, design and set up chart of accounts and entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc.
  • Determination of your QuickBooks starting date.
  • Loading your chart of account and balances as of that starting date.
  • Preparation of a list of the items that you sell to your customers. This list includes services, inventory parts, non-inventory parts, other charges and sales taxes.
  • Entering your outstanding accounts receivable and accounts payable details as of your starting date.
  • Entering your ending statement bank balances and outstanding checks and deposits in transit as of your starting date.
  • Printing a trial balance as of your starting date and comparing it to your trial balance from your old system.
  • Entering your transactions since your starting date into QuickBooks
  • Train client or client staff in use of software to meet their accounting, management and tax needs.