What is Form 990?

Form 990 is an annual information return that tax-exempt organizations must file with the Internal Revenue Service (IRS). It provides the IRS and the public with an overview of the organization’s financial information, governance structure, activities, and compliance with tax regulations. As a nonprofit, filing Form 990 is crucial to maintaining tax-exempt status and demonstrating transparency to stakeholders.

How To Interpret An 990 Form

Reading a 990 IRS form requires attention to detail and familiarity with accounting and non-profit terminology. If you find it challenging, consider seeking professional assistance from accounting firms experienced in non-profit accounting. We at Marshall Jones have extensive experience for instance. Our expertise can help interpret the form accurately and provide valuable insights into the organization’s financial position and operations.

Who is required to file Form 990?

Most tax-exempt organizations, including charitable, educational, religious, and scientific organizations, are required to file Form 990. This includes organizations with gross receipts above a certain threshold (currently $50,000 for most organizations) or assets exceeding $250,000.

What are the different versions of Form 990?

The IRS offers several versions of Form 990, including Form 990-N (e-Postcard), Form 990-EZ, and the full Form 990. The version you need to file depends on the size of your organization and its financial activities. Our experienced team at Marshall Jones can guide you in determining the appropriate form and ensuring accurate completion.

What information is required on Form 990?

Form 990 collects a wide range of financial and non-financial information about your organization. This includes details about your:

  • Revenue,
  • Expenses,
  • Assets,
  • Liabilities,
  • Governance structure,
  • Programs,
  • Compensation of key individuals, and
  • Compliance with tax regulations.

It is essential to provide accurate and thorough information to avoid penalties and maintain the trust of your stakeholders.

Are there any filing deadlines for Form 990?

Form 990 must be filed by the 15th day of the 5th month after the end of your organization’s fiscal year. For example, if your fiscal year ends on December 31st, Form 990 is due by May 15th of the following year. It is crucial to adhere to the filing deadline to avoid late penalties and maintain compliance.

Specialization In Non-profit Accounting Services

At Marshall Jones, we specialize in nonprofit accounting services in Atlanta, GA. Our team of experienced CPAs and advisors has in-depth knowledge of Form 990 requirements and can guide you through the entire filing process. By partnering with us, you can:

1. Ensure Compliance: Our experts stay up to date with the latest IRS regulations, ensuring accurate and compliant filing of Form 990 for your organization.

2. Maximize Transparency: We help you present your financial information and governance structure in a clear and transparent manner, strengthening donor confidence and stakeholder trust.

3. Mitigate Risks: With our professional guidance, you can avoid common errors and pitfalls that may trigger IRS scrutiny or penalties, ensuring a smooth and hassle-free filing process.

4. Focus on Your Mission: By entrusting your Form 990 filing to us, you can free up valuable time and resources to concentrate on your organization’s core mission and activities.

Our team is committed to supporting non-profit organizations in their financial management, compliance, and growth. With our expertise and industry knowledge, we can provide tailored accounting services that empower non-profits to achieve their mission and make a lasting impact in the community.

Contact A Marshall Jones Professional

Navigating nonprofit accounting, including Form 990, requires specialized expertise. Our team of professionals is dedicated to supporting the financial success of nonprofit organizations in Atlanta, GA. Whether you need assistance with Form 990 filing, bookkeeping, financial reporting, or strategic financial planning, our team is here to help.

Don’t let the intricacies of nonprofit accounting overwhelm you. Contact Marshall Jones today to schedule a consultation and discover how our tailored nonprofit accounting services can benefit your organization. With our offices conveniently located in Atlanta and Alpharetta, we are ready to be your trusted partner in achieving financial excellence for your nonprofit.