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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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.

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Common Form 990 Filing Mistakes

Preparing an IRS Form 990 takes a great deal time. The entire form itself is many pages long and littered with tons of IRS instructions, legal terms, and small print that can contribute to a stressful filing experience.

IRS forms are complicated, but providing complete and accurate information is key to avoiding IRS penalties. Here are three sections of the 990 form where people typically make the most mistakes, and how you can navigate through the difficulties.

Part VII - Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
A lot of people seem to get confused at this part of the Form 990 because of the many classifications - some organizations may have one member with many roles, or don’t have any key employees, or don’t offer compensation at all.

For the majority of exempt organizations, you must list all your current officers, directors, and trustees first - whether they were paid or not. You need to include employees outside of an officer, director, or trustee role that were paid the highest along with amounts reported on their W-2.

Other situations may require you to list former officers or highest compensated employees that made over $100,000 during the tax year or former directors or trustees that made over $10,000 within the tax year. You’ll also need to list any hired contractor that was paid at least $100,000.

Part VIII - Statement of Revenue
A statement of revenue is exactly how it sounds; you’re stating every dollar amount your organization brought in during the tax year. It’s broken down into three broad categories:

• Contributions, Gifts, and Grants - Money or the monetary value of items freely given to your organization by people or the government
• Program Service Revenue - Money paid to your organization for providing a service or product related to your tax-exempt operations
• Other Revenue - Money made from your organization through various ways like investments, royalties, rental properties, gaming activities, or inventory sales

There’s also a section for miscellaneous revenue, and this is what messes with people the most. Be sure to double, even triple, check your organization’s sources of income to make sure they fit within those three most important categories. If it doesn’t fit, that’s the only time you can count it as miscellaneous. Grouping any or every large sum as miscellaneous can harm your public charity status and even lead to an audit.

Part IX - Statement of Functional Expenses
Much like the statement of revenue; this time around, you’re stating each time your organization spent money. There aren’t any broad categories you can group expenses into; however, the IRS lists various cases in which an organization may need to spend money. And just like revenue, make sure your costs can fit the given conditions - lumping everything as a miscellaneous expense is like waving a red flag.

With ExpressTaxExempt.com, we break these parts down into full, stand-alone sections, so you aren’t squeezing everything into one page or one screen. We even offer our exclusive Bulk Upload feature in which you can upload lists of received contributions at once, and we’ll enter each of them in for you while you continue through your 990 form - get twice as much done in less time!

Contact our U.S. - based support team of e-file professionals for any help or questions about your filing experience. We’re available at 704.839.2321, Monday through Friday from 9 a.m. to 6 p.m. EST or reach us via email with support@ExpressTaxExempt.com.

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