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.

Read More »

Tips on Reporting Other IRS Filings and Tax Compliance

Within IRS 990 and 990-EZ forms, there is a section where tax-exempt organizations can report specific types of other IRS filings and tax compliance information.

Not every question from this section may apply to your exempt group, but if it is applicable, make sure your answers are as accurate as possible.

Here are a few tips on properly reporting information for a few sections regarding any other IRS filings or tax compliance applicable to your organization.

Form 1099 or Form W-2G Tax Returns
Indicate whether your organization filed any 1099, W2 or W-2G forms for the current tax year and the total number of returns reported if applicable. If your organization listed any gambling winnings, enter the number of IRS Form W-2Gs that you filed. You can also file w2 forms electronically, and file 1099 Forms electronically with our sister product ExpressTaxFilings.

Mark if your tax-exempt group was compliant with any backup withholding rules for reportable payments to vendors and reportable gaming or gambling winnings to prize winners - these payments can include nonemployee compensation, interest, dividends, rents, royalties, commissions, broker proceeds and barter exchange transactions, or reportable gross proceeds paid to attorneys.

Unrelated Business Income
Confirm if your organization filed any income and expense details from an unrelated business with an IRS Form 990-T. Revenue from an unrelated trade or business typically gets earned from an activity that normally has nothing to do with your organization’s exempt purpose, function, or mission. If applicable, enter the same amounts that you reported on the 990-T form.

Prohibited Tax Shelter Transactions, Non-deductible Charitable Contributions, and Deductible Contributions Under Section 170(c)
Report if your organization was a party to a prohibited tax shelter transaction and filed an 8868-T form. If applicable, you’ll need to document any listed confidential transaction within section 6707(c)(2).

For tax-exempt groups with gross receipts greater than $100,000, report any fundraising requests that weren’t eligible to receive any contributions deductible as charitable contributions. Failure to indicate any nondeductible contributions can lead to a $1,000 penalty or a maximum $10,000 fee.

Organizations that received any deductible contributions under section 170(c) need to report that an IRS Form 8282 was filed about the donated property details. You’re also required to enter donor of the goods, value, and services provided, any premiums paid or received funds to pay on any personal benefit contract, and indicate whether you received a charitable gift as a qualified intellectual property that produces net income.

Foreign Financial Accounts
If applicable, report the details of any bank, securities, or other financial accounts that your exempt organization owns in foreign countries. You can report any global financial information with a FinCEN Form 114.

Indoor Tanning Services
Report if your organization received any payments for indoor tanning services during the tax year and provide an explanation if you had filed a Form 720, Quarterly Federal Excise Tax Return, to the IRS. Indoor tanning services include any service using an electronic product that utilizes one or more ultraviolet lamps intended to induce skin tanning.

As mentioned earlier, not every tax-exempt organization will need to provide this type of information - consult with a tax professional if you’re not sure which sections apply to you. With ExpressTaxExempt.com, each area is presented in simple, interview-style questions so you can input answers quickly and easily, or pass through categories that don’t apply.

Our U.S. - based customer support is ready to help with technical issues e-filing your 990 tax return to the IRS - call us at 704.839.2321, Monday through Friday from 9 a.m. the 6 p.m. EST or send a request to support@ExpressTaxExempt.com.

Read More »

Key Employees and Independent Contractors in Tax-Exempt Organizations

When filing IRS Form 990 or Form 990-EZ, tax-exempt groups usually have to report compensation of officers, directors, trustees, key employees, highest compensated employees, and independent contractors in Part VII of the tax return.

This section of the 990 form may come across as a bit tricky because each exempt organization can have different variables regarding members and employees such as no compensation, members with multiple roles, small payment thresholds, or even no significant key employees.

However, the IRS requires some information about the people working within your organization. Here are a few pointers to use:

Highest Paid Officers & Key Employees
Regardless of whether your current officers, directors, or trustees receive compensation or not, you’re going to need to list them. You’re also required to list any current key employees that made at least $150,000 during the year and the current top five highest paid employees making over $100,000.

Important: Your highest compensated employees are those within your organization who do not hold any officer or key employee titles like Treasurer, Secretary, or Director.

In some cases, you may have to list former members if they were active during the filing year, but left before the year was complete. List former officers, key employees, or highly paid employees who made at least $100,000. You can report former directors and trustees that were making over $10,000.

Independent Contractors
If your organization contracted any outside workers, the IRS requires that you report independent contractors that received at least $100,000 in compensation for services. The amounts must be the gross payments which can include expenses and fees - even if you don't separately report the spending costs to your organization.

IRS Information Forms: W2 Online Filing and 1099 Online Filing is simple now with streamlined features from our sister site, ExpressIRSForms.com. You transmit information returns for your employees or contractors directly to the IRS quickly than paper filing. Select our Postal Mailing option to have copies automatically sent to your recipients.

Volunteers
With e-filing 990 forms, you only need to report the total number of volunteers - there’s no need for individual names or details. Under particular circumstances, you don’t have to report any compensation paid to volunteer officers, directors, or trustees - speak with a tax professional for more details.

List your organization’s employees quickly and easily with ExpressTaxExempt.com. If you have any questions about entering key members or contractors, call our U.S. - based support team at 704.839.2321, Monday through Friday from 9 a.m. to 6 p.m. EST or email us anytime with support@ExpressTaxExempt.com.

Read More »