Introduction: General Information
The IRS continually publishes information statements and rules summaries for tax exempt organizations. While consultation with a tax professional is always recommended, staying informed through these sites will help exempt organizations avoid potential issues. These sites are helpful both for existing organizations and people interested in forming new organizations.
Overview of IRS resources for exempt organizations presentation
IRS general information page (helpful written guides)
IRS resources for tax exempt organizations (15 minute presentations)
Form 990 Update & Resources
The IRS recently updated Form 990, one form most tax exempt organizations are required to file. The update, the first in over 30 years, requires additional information, designed to disclose more information to the IRS and to the public. The increased disclosure relates mostly to executive compensation and other expenditures.
Video series on the key reporting issues for for 990: video series
Yellis & Foley's Tips for Exempt Organizations
Know your return filing deadline. The Form 990 must be filed within 4.5 months of your fiscal year end. You can apply for two extensions, each providing an additional three months in which to file your return.
Be sure to consider any changes in the activities of the non-profit. Certain activities could jeopardize your exempt status, such as certain kinds of political engagement.
Maintain strong financial procedures. The reconciliation of bank statements and separation of financial duties are important to the overall well-being of your organization.