New Product Perfect for Exempt Organizations Officially Launches

There’s a new product on the block that your organization can benefit from greatly!

Today our parent company SPAN Enterprises officially launched its latest product, TaxBandits. 

TaxBandits is the ultimate e-filing solution for small businesses and nonprofit organizations. Offering the most simplified and streamlined, interview-style e-filing process, TaxBandits helps to keep you moving in the right direction. 

Helping you and your organization achieve greatness, TaxBandits provides necessary IRS forms at your fingertips. 

The following tax forms can be filed on one website to accommodate the needs of all of our clients:

Form 990 Series: Form 990-N, Form 990-EZ, Form 990, Form 990-PF, Form 1120-POL, and Form 8868.

Form 94x Series: Form 941, Form 941-PR, Form 941-SS, and Form 941 Schedule R

Form 1099 Series: Form 1099-MISC, Form 1099-INT, Form 1099-DIV, Form 1099-R, Form 1099-S, Form 1099-B, Form 8809, and Form 1099-Correction

W-2 Forms: Form W-2 and Form W-2c

ACA Forms: Form 1095-B, 1095-C, 1094-B, and 1094-C

Extensions: Form 8809 and Form 8868

Exempt Organizations & TaxBandits

Tax exempt organizations will benefit greatly from the convenience of TaxBandits. Whether you have to handle annual Form 990 filing for your organization or need to submit Form 1099 or Form W-2 information for its employees, the comprehensive TaxBandits software covers it all! 

The TaxBandits Experience

TaxBandits believes that while taxes can be complicated, solid research paired with great customer service, along with accurate and efficient software, your tax filing experience will be much easier.

Our U.S.-based customer support team assures that we will answer your call faster than the IRS. TaxBandits constantly strives to lead its clients as a compassionate resource, guiding you through complicated tax matters and making the e-filing experience as accurate and efficient as possible.

E-file My 2018 Employment Tax Forms

TaxBandits For You! Quick & Easy Online Tax Preparation

Contact Us

Feel free to contact us with any questions that you may have. Phone support is available Monday through Friday, 9:00 a.m. to 6:00 p.m. EST at (704) 684-4751. Reach us 24/7 via email support at support@TaxBandits.com or by Live Chat and we will give a speedy response.

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Keep Your Nonprofit Off The IRS Radar with These Tips

More often than none, I find myself speaking to the head of an organization whose nonprofit status was revoked. It came as a complete surprise them — he thought the organization was in good standing, but ever since the officer who handled their tax filings left, no one had actually checked.

Unfortunately, this isn’t a rare case from my experience. There are many nonprofits who aren’t aware of everything it takes to stay in compliance with IRS requirements — and sooner or later, they get the dreaded “status-revoked” letter in the mail.

If you’re unsure whether your nonprofit is in good standing, you’ve come to the right place.

In this post I’ll cover why compliance is mandatory, the risks of noncompliance, and a comprehensive checklist to ensure your nonprofit stays compliant every year.

Nonprofit compliance laws are put in place to protect the public and ensure nonprofit organizations do not abuse their financial advantages. The ability to be exempt from federal and state taxes, along with having access to public funding, causes nonprofits to be held to a high standard by the government.

Why Do Nonprofits Have to Stay Compliant?

Nonprofit compliance laws are put in place to protect the public and ensure nonprofit organizations do not abuse their financial advantages. The ability to be exempt from federal and state taxes, along with having access to public funding, causes nonprofits to be held to a high standard by the government.

Following these necessary compliances is also a vital component to the success and effectiveness of a nonprofit organization.

The Penalties for Noncompliance Aren’t Worth The Risk

Although 501(c)(3) nonprofits receive major financial benefits from becoming an incorporation, the penalties they can receive for not complying are very serious and can become rather costly.

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To stay compliant, nonprofits must submit the appropriate tax form for their organization in the Form 990 Series. This form collects information about the income and expenses of an organization as well as other pertinent information. Failure to file this form annually can result in a number of significant penalties, such as:

• A fine of $20 per day
• Automatic revocation of 501(c)(3) status if the form is not filed for three consecutive years.

• States can administratively dissolve a nonprofit corporation and impose high financial penalties. Organizations can also be prevented from receiving grants or large donations.

This Nonprofit Compliance Checklist Covers Everything You Need to Know   

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In order to avoid noncompliance penalties or revocation of your organization’s tax-exempt status from the IRS, there are several things that must be taken care of annually for your organization.

Here is a checklist of everything you need to do to ensure your nonprofit is compliant with the IRS every year. It’s a good idea to save this checklist for your reference:

• Gather your organization’s records (financial records, organization information, etc.).
• You can gather and update your records anytime during the year.

• Ensure your current tax exempt status is up-to-date.
• File the Form 990 Series (990-N, 990-EZ, 990 or 990-PF) annually.
• Review your State Nonprofit Requirements and ensure your registration is updated.
• Submit an Annual Filing Form to the Corporation Division of the Secretary of State. Depending on your state, filing requirements may differ. Contact your state for details.
• Register and maintain a License to Fundraise (Charitable Solicitation Registration).
• File for a State Business License.
• Maintain State-Level Tax Exemption with your State Revenue Department.
• Keep accurate & complete records and also have procedures in place to keep these records updated.
• Some examples of records to keep include: Contributors Information, Expenses, Grants Written & Received, Accrued Expenses & Revenue, Bank Statements, Cancelled Checks, IRS Letter of Determination, Form SS4, Previous Tax Filings, and Articles of Incorporation  
• Conduct a Leadership Transition Meeting at the end of each term  

Whether you are a well-established nonprofit organization or simply considering starting one, maintaining compliance with the IRS takes time and hard work. However, the ultimate reward comes from the peace of mind you will experience from never having to worry about losing your organization’s tax exempt status. 

To find detailed information on charity regulations, tax filings and nonprofit corporation filings for your specific state, click here. Maintaining the necessary compliance of your nonprofit organization requires effort, but can be handled successfully, especially with the help of an IRS-Authorized e-file provider, like ExpressTaxExempt.  

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Upcoming Form 990 & Form 990-EZ Deadline: Is It My Time to File?

If your organization operates on a fiscal tax year and files Form 990 or Form 990-EZ, you may have a tax return deadline coming up soon. Organizations that function fiscally from April 1 to March 31 should e-file their Form 990/990-EZ by the upcoming August 15th due date. Additionally, any organization that filed an extension in February 2017 (fiscal year of October 1 - September 30) must file by August 15th as well.

Not sure what the difference is between Form 990 and 990-EZ or if your organization should file either one? Here’s some information on both forms that might be beneficial to you:

Most organizations exempt from income tax must file an annual information return, which is commonly known as a Form 990 or Form 990-EZ. Form 990 is typically filed by organizations with gross receipts that are more than or equal to $200,000 in gross receipts or total assets more than or equal to $500,000. Form 990-EZ is for very similar but for organizations that have less than $200,000 in gross receipts and $500,000 in total assets.

NOTE: Gross receipts are the total amounts the organization received from all sources during its annual accounting period.

Groups and organizations that usually file Form 990 or 990-EZ include: hospitals, schools, churches, charities, sports clubs, parent teachers associations, public libraries and facilities, cultural organizations and associations, employee associations, Veterans of Foreign Wars, and more.

Organizations that fail to file either form by its due date will incur a penalty against the organization. A penalty of $20 a day, not to exceed the lesser of $10,000 or 5% of the gross receipts of the organization for the year can be charged unless it can be shown the organization filed late due to a reasonable cause. Organizations with annual gross receipts exceeding $1,000,000 are subject to a penalty of $100 for each day with a maximum of $51,000 for any one return.

Organizations worldwide can easily stay in compliance and good standing with the IRS by filing online annually with ExpressTaxExempt. As the #1 authorized IRS e-file provider, we provide all users with our recently reduced filing rates, 100% US-based customer support service, and simplistic e-filing process which allow each organization to e-file IRS Form 990 & 990-EZ securely with the IRS.

We encourage you to contact us via phone at 704.839.2321 on Monday through Friday from 9 a.m. to 6 p.m. EST or reach out to us 24/7 via email at support@ExpressTaxExempt.com if you have any questions about the e-filing process.

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What is Form 990-PF?

Hear ye, hear ye!

Presenting to ExpressTaxExempt: Form 990-PF!

That’s right, private foundations, it’s your time to shine! You can now e-file Form 990-PF through your ExpressTaxExempt account.

What is Form 990-PF?
Form 990-PF is a member of the 990 Series, which are filed by certain tax-exempt organizations. The “PF” stands for “Private Foundation,” and the form is used to figure the tax of private foundations based on investment income as well as report their charitable distributions and activities to the IRS. Form 990-PF can also be used in place of the section 4947(a)(1) nonexempt charitable trust’s income tax return, Form 1041, when the trust has no taxable income.

Who Needs to File Form 990-PF?
Things with the IRS are rarely as straightforward as they seem, and that means the private foundations required to report income and charitable information on Form 990-PF are:

• -Exempt private foundations (section 6033(a), (b), and (c)),
• -Taxable private foundations (section 6033(d)),
• -Organizations with private foundation status whose applications for exempt status are pending and who haven’t yet applied for exempt status,
• -Organizations that made an election under section 41(e)(6)(D)(iv),
• -Private foundations making a section 507(b) termination, and
• -Section 4947(a)(1) nonexempt charitable trusts treated as private foundations (section 6033(d)).

Schedule B
Much like the regular Form 990, Form 990-PF may require the filing of additional schedules to complete the return. For Form 990-PF, the most used schedule is Schedule B, which is used to report additional information about any donations of money, securities, and other property worth at least $5,000. And, don’t worry, you can also e-file it with ExpressTaxFilings!

Form 8868
Luckily for all, Form 8868 doesn’t discriminate; the 990 extension form can be used to extend your Form 990-PF deadline too! Like other 990 forms, Form 990-PF is due the 15th day of the fifth month after your tax year end date. For those of you with calendar tax years, that due date is May 15th, which you may have noticed is quickly approaching.

Luckily (again!), you can e-file Form 8868 with ExpressTaxExempt before diving into your 990-PF Form if you feel you’ll need more time to get everything just right. Just e-file Form 8868 by your original deadline and you’ll receive an automatic 6-month extension of time to file your Form 990-PF. Easy as pie!

More Questions?
If you have any other questions about Form 990-PF or e-filing with ExpressTaxFilings, don’t hesitate to give us a call! We’re always happy to help and we’re available by phone (704-839-2321), live chat, and email at support@ExpressTaxFilings.com!

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