New 990-N Filing Deadline Approaching

May 15, 2008, is the first deadline to file the brand new form 990-N, the form for small tax-exempt organizations whose gross receipts are normally $25,000 or less for tax years ending on December 31, 2007. Check out the latest information by clicking here.

Public Inspection of Form 990-T

And other things from the IRS.

This week guidelines were released on how to request a copy of the form 990-T which is now a publicly available document. The 990-T is used to report a nonprofit organization unrelated business income (which is taxable income).

Below is an excerpt from this PDF:

The Tax Technical Corrections Act of 2007, Pub. L. 110-172, H.R. 4839, provides that
the Internal Revenue Service is required to make Forms 990-T that are filed by a section 501(c)(3) organization publicly available for inspection and copying pursuant to section 6104(b). This provision is effective for returns filed after August 17, 2006, the date of enactment of the Pension Protection Act of 2006, Pub. L. 109-280 (PPA).

Form 4506-A, Request for Public Inspection or Copy of Exempt or Political Organization IRS Form, is used to request from the Internal Revenue Service a copy of an exempt or political organization’s return, report, or notice pursuant to section 6104(b). The Form 4506-A does not currently contain a check box for a Form 990-T, although the Internal Revenue Service is in the process of revising the Form 4506-A to include this provision. If you want to inspect or copy a Form 990-T that was filed after August 17, 2006, please mail or fax a copy of the Form 4506-A to the Internal Revenue Service following theinstructions for that form. In line 7 of the Form 4506-A, however, please write in “Form990-T”.

A Copy of the Form 4506-A can be found here.

The IRS also updated it's Form 990-N FAQ's, click here to check them out.

How To File The 990-N e-Postcard

The IRS has released the instructions and published all the information you will need to file the 990-N. Click here for all the info you will need to file including the place to file it on-line.

Alan

Boot Camp Blog in '08

CAN and I will continue to bring you financial and accounting related tidbits in 2008 but I am still catching up after a long Holiday break. There will be a lot to talk about this year what with:

• The new 990 - I have read through the new form and read other comments on the updated form and I will be giving my two cents in the coming days
• The 990 N - It is now in effect.
• Accountability - and all the assorted efforts of Feds and States to regulate our sector.

Finally I wanted to pass on this really interesting story from the Nonprofit Quarterly in case you have not run across it yet. Maybe businesses will need to be more nonprofit like? Huh? Who's with me? I guess we will have to see.

e-Postcard - Proposed Regulations

From the IRS website:

"The IRS and Treasury Department propose to adopt temporary regulations on the electronic notice requirement for certain small tax-exempt organizations as final regulations. The temporary regulations describe the time and manner in which certain small organizations not currently required to file annual returns are required to provide an annual electronic notice."

To find out about the regulations and to comment on them should you so desire go here. Please feel free to share your comments here in our comments section as well.

e-Postcard: 990-N Questions and Answers

The IRS has updated its 990-N FAQ, click this link to read them all or download a PDF of them. Included it the FAQ's:
When will the e-Postcard (Form 990-N) be due? How often do I need to file?
How do I file Form 990-N (e-Postcard)?
Will the IRS notify affected organizations about the filing requirement?
Why do I need to provide this information?

New Electronic Filing Requirement for Small Organizations

e-Postcard (Form 990-N)
Beginning in 2008, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice. With the enactment of the Pension Protection Act of 2006 (PPA), these small tax-exempt organizations will now be required to file electronically Form 990-N, also known as the e-Postcard, with the IRS annually for tax periods beginning after December 2006.