Effortlessly Create and Manage Your Blank Receipt Form for NPOs

Blank receipt form for NPOs

hello everyone and Welcome to our webinar on spring cleaning for nonprofits 990 filing and compliance with tax 990 my name is Tiffany and we are here with Nikita today with tax bence and tax 990 we are excited to help you stay informed and IRS compliant if you have any questions during the presentation please add them to our chat if you are unable to see the webinar in full screen please try clicking the square in the upper right of the webinar to enlarge the view as a reminder tax Bandits is an IRS authorized eile provider while we love to talk about taxes and have years and years of experience we are not tax advisors if you need assistance with preparing returns or any other specific questions please consult a certified tax preparer or the IRS now we will take a quick look at using goto webinar toolbar hello thanks for joining today's webinar you can enlarge your screen for the optimal viewing experience using these buttons you can also click the arrow here to view the hidden menu the section at the very bottom will twirl out a menu that allows you to ask questions for the host to answer thanks for joining us and we hope you enjoy this webinar hello thank you Tiffany for allowing me to join today and present this webinar to your tax Bandits clients I'm really excited to um share some information with everybody about tax 990 just as Tiffany had mentioned um tax 990 is an IRS authorized eile provider we do um have several years of eiling experience for the 990 series forms but just like tax Bandits we do not give direct tax advice but we're Happ happy to assist you with using the tax 990 filing format and answering questions about your 990 along the way today we're going to talk about IRS e filing requirements for the nonprofit sector we'll look at the deadlines for the nonprofits the importance of reporting accurately the filing process for tax professionals we'll take a look at some key features that tax 990 offers and we'll review all of the different forms that tax 990 provides the IRS mandated e filing for the 990 series Returns on July 1st of 2019 organizations filing a return with a tax year beginning date after July 1st 2019 are required to efile the returns moving forward as we know the IRS is moving towards efiling for many reasons efiling reduces the number filing errors and helps ensure that the IRS guidelines are met meaning calculations are more accurate and the information provided matches the information in the IRS database it makes filing with the IRS and the processing more efficient and provides a quick quicker turnaround time on updated form status the form you file will depend on your organization's Financial activity during each year if the organization's finan cial situation changes so could the form requirements tax 990 supports the suite of 990 series returns so you can consistently file with the same provider regardless of financial activity we'll review the forms individually here shortly the 990 series returns are intended to provide the IRS and public with information about the organization's programs activities relationships transactions and governance in addition to revenue and expenses and assets the 990 return allows the organization to confirm with the IRS that they're adhering to the tax exempt status and the guidelines um that the IRS indicated ingly for an organization to maintain their tax exempt status and remain compliant with the IRS organizations are required to file a 990 series return on an annual basis if an organization fails to file a return for three consecutive years it will risk losing its exempt status additionally penalties May acre with each year that you don't file the 990 returns a penalty of $20 a day $15 a day for larger organizations may be imposed for the late filing the penalty amount can go up to a maximum of $10,500 or 5% of the organization's annual grocer receipts that could be a significant amount of money for the smaller organizations so it is incredibly important that they file on time on an annual basis the 990 series return deadlines are based on the organization's tax year an annual 990 series return must be filed by the 15th day of the fifth month following the end of the organization's tax year if the 15th of the month falls on a weekend or federal holiday the deadline is moved to the next business day most organizations have either a calendar tax year that runs from January 1st to December 31st or a fiscal tax year that runs from July 1st through June 30th however a fiscal tax year can be any 12-month time frame other than January 1st through December 31st if time is limited an organization does have the option to file an 8868 form to apply for a six-month deadline extension as a tax preparer you may have clients all year round that need to file the 990 series return based on the different organization tax periods right now tax 990 is focused in on the May 15th deadline for calendar tax year organizations and organizations that operate on a fiscal tax year of July 1st through J June 30th and filed an extension for their November 15th deadline an organization filing a 990 990 e or 990 PF is asked to report on the program service activities in accomplishments and their program service Revenue this information is be is going to be taken into consideration when applying for Grants approaching donors and increasing the funding the purpose of providing this information is to explain to others how you're operating your organization and utilizing funding to adhere to the mission it's important to paint a picture of the activities hosted to encourage financial gain for the organization the information organizations provide in this section also helps the IRS determine if their activities are appropriate appropriate for their exempt status and it allows conveying to the public what the what was accomplished throughout the year ultimately the information reported in this section can have a big impact on the organization so it's important that it's completed properly providing significant thorough and accurate information is incredibly beneficial not only will the IRS review the return to confirm the accuracy and ensure you're maintaining your reason for exemption but donors and contributors will review the information to confirm donations are being used towards exempt purposes and Grant applications will review the use of your funds and the narrative to ensure the grant will be used to the highest value if you do not provide information ingly it may have a future impact on fundraising objectives or the organization success when you register for a new account with tax 990 you'll be able to indicate that you would like to create a tax professional account you'll be automatically prompted to add your preparer details including your ptin EIN and firm information as applicable our tax professional accounts provide the option to manage all the organizations you work with within the same tax 990 account we also understand that as a firm filing for several clients one person is not always responsible for completing the 990 series return with tax 990 you can add staff to your main account to assist in the filing process you'll be able to assign specific organizations to individual staff members and set rules that allow the staff to either only prepare the return or prepare and transmit the return tax professional accounts have the added benefit of purchasing credits if you expect to file a large amount of 990 series returns during the year you can pre purchase the forms in bulk at a reduced per form cost this will allow you to just add a credit in the form of payment during the checkout process and skip the process of entering your credit card information with each form transaction the credits do not expire so if you do not end up using all of the purchase credits this year they'll remain in your account for future use and when you add staff to your account if they have permissions to transmit the return they'll have ACC access to the credits so you're not sharing credit card details as a tax preparer you're required to obtain a signature from your client that will be sent with the return to the IRS this confirms that the client has given you permission to complete the return on their behalf we've streamlined the process for obtaining your client's signature for the 8453 te form through an eign process the eign process allows you to send a link to your client that they can click on and eign their form from their computer or phone and submit it back to you tax 990 also offers the option to file amendments and prior year returns we offer e filing for the current and two prior years as well as the option to file an amended return on an originally accepted form for the current and two prior years in addition to the tax prepare specific features tax 990 offers several other advanced technology features to assist you in the filing process tax 990 performs an internal audit after you've completed the return this verifies that the requirements from the IRS form instructions have been met the audit helps verify that your calculations are accurate and necessary schedules are generated the form will autogenerate a lot of the C calculations which helps remove the guesswork from filing by calculating several areas of the return for you for example when you input all your different categories of Revenue the total revenue will be calculated ingly it's important for an organization to know if the return was accepted so once the IRS provides a status update you'll receive an email with an acceptance notice you can email that acceptance notice to your client if necessary the acceptance letter will remain in the tax 990 account to be accessed and downloaded um for your client at any time to provide confirmation to your client that the return was successfully filed and accepted by the IRS additionally in the case that the return is rejected by the IRS tax 990 provides the reason for the rejection and allows you to resolve and retransmit the return at no additional cost cost for example if the IRS rejected the return because the taxier provided does not match what the IRS has in their datab base you'll be able to edit the information on the return and retransmit it an organization highly depends on the acceptance of a return so if a return's rejected and there's no notice of the rejection the organization can risk penalty or losing their exempt status so providing the rejection information and the ability to RR transmit a return will help the organization remain compliant we also understand that in most cases it is preferred to review A draft copy of a return prior to filing or while working through the process you will have access to a draft PDF while you're working on the return When you finalize and transmit the return you'll have access to a professional copy for your records the professional copy will remain in the account so it can be printed and downloaded at any time this is beneficial for an organization that may need a record of the return later for Grants and funding you'll be able to just email them a copy from your account when necessary filing a 990 return can be a lengthy process so when file you file the return with tax 9.90 you can come and go as you please and the information you enter is saved autom automatically and since we offer a cloud-based program you can access your account from anywhere at any time and pick up right where you left off the organization information saves in the tax 990 account so when it comes time to file for that client each year you can select what organization you're filing for and the name Ein address and principal officer information will autogenerate when filing from year to year a lot of the information does remain the same and with tax 990 we provide the ability to transfer information directly from a prior year and when filing consecutive years the organization information public charity status books are in the care of details schedule B contributor names and addresses list of officers and prior year revenue and expenses can all be transferred to the current year return this is an optional feature and information can be changed once the transfer is made which leaves it completely customizable we also understand that it's not always easy to know what additional information is required on a return so when you complete a return with tax 990 we help determine what schedules are required based on the information that's provided on the form the schedules required will automatically generate for you to complete additionally only the necessary parts of the schedule will appear so you're not completing information that's not required for example if you make the selection on the 990 form that your organization is a 501c3 page one of schedule a will generate automatically once you choose your reason for public charity status on page one of schedule a the necessary additional parts of the schedule will be enabled we provide the option to share the return for review and approval from your client so once you complete a return you can share it with members of the organization for approval the return can be shared electronically meaning you send the organization member an email to access the document online and they can review it comment on it and approve it or you can share manually meaning you would print a copy to share with the organization members physically now as I mentioned tax 990 offers the entire Suite of 990 series return so if an organization's financial status changes from year to year you won't have to find an alternate e file provider that offers a larger or smaller return we have the 990 in which is filed if the organization's gross receipts were less than $50,000 during the tax year the 990 EZ is filed if the organization's grocery seats were less than $200,000 and total assets were less than $500,000 at the end of the tax year the 990 form is filed if the organization has groc receipts greater than $200,000 and total assets greater than $500,000 at the end of the tax year the 9990 PF which is used to C calculate the tax based on investment income and to report charitable distributions and activities for non-exempt charitable trust treated as private foundations the 990t is for reporting exempt organization business income the 8868 as I mentioned is the application for an automatic six-month extension of time to file the 1120 p is the US income tax return for certain political or organizations the ca 199 is the California exempt organization annual information return which is the state specific return filed to the state of California in addition to the 990 the 8038 CP which is return for credit payments to issuers of qualified bonds and as mentioned we offer offer the option to file amendments and all of the necessary schedules so now we're going to take a quick look inside the tax 990 application to review the process of getting started so you're going to start by visiting tax 99.com and click sign up to create a new account as a tax preparer when I mentioned earlier when you sign up for a new account you'll check this box here the tax 990 Pro option which is specific to tax professionals you'll add your email address name create a password and check that box and then you'll click create account once you've created your account the first step is going to be adding your paid preparer or tax professional details you can indicate if you are a paid prepare an ER or both and provide the necessary information if you do not have a firm you can indicate you do not have a firm and the firm name and Ein in will no longer be required and you'll be able to add your P1 now for this demo I do already have an account ready to go with a couple of organizations in it but as I me as I mentioned you can manage multiple organizations from the same account you as a tax professional all of your organizations will be listed here on the homeage you can search organizations by name when you get a significant amount of organizations in the account it's easier to search um by typing in the name or by looking them up alphabetically using our search bar here and to add a new organization you would just click add organization in this account I have two organiz ization set up and I'll just kind of go over some of the basic navigation of the account so if I click on this organization it's going to show everything I have currently in that organization that has been filed or is in progress or that we're working on for the current and two prior years for anything prior to um the the latest year we support would be in show filing history so if you filed for the same organization for 8 years only the current and two prior years are going to show up on the homepage everything else will be archived into the filing history as I mentioned you'll be um the account will indicate when the form is accepted or rejected if it's rejected you can click on that rejection learn why the IRS rejected it and have the opportunity to fix it and retransmit it the PDF is available for each step in the filing process the receipt is available once the form has been paid for the 8453 copy is available once your client has signed it and the acceptance letter is available once the form is accepted now on this organization we'll see a few different form statuses we have paid not transmitted which means the form is complete completed but has not yet been transmitted to the IRS we have transmitted to the IRS which means all of your steps are complete and you've sent it off now we're just waiting for the IRS to provide a status update and we have in progress which means it's a form that we are currently working on if we click continue filing it'll revert back to the form based filing format that we are working on and we can pick up where we left off with that form now as I mentioned the schedules automatically generate for you to complete so as you can see here all of our schedules currently do not have anything generated they're all kind of grayed out but as soon as I indicate that I'm a 501c3 organization on my form schedule a populates so that's telling us we're required to complete schedule a if we click on oh I'm if we click on schedule a only page one has generated at this time until we indicate what type of public charity we are working under soon as I click which type of public charity the necessary additional pages are going to generate such as page three part three now as I mentioned we have the internal audit so once you feel like you've completed the whole form all of the pages all of the schedule information you can click proceed to audit and transmit you're first going to see a general overview of the information on the return and then you'll be taken to the audit report now if you have any missing information or as I mentioned you haven't successfully met the IRS file guidelines you'll get an audit error and you'll click fix error to go back and take care of that that one error so over here on the right hand side we'll see this little Caution icon and it'll indicate what errors we need to resolve in order to proceed so we'll just read through those errors and update the information ingly so this one is just saying that we're missing a selection in section K so once we make that selection and click refresh that error will go away now we have one other error indicating that we are missing details on our books or in the care of information so we can click fix error and it again will take us to the necessary section in reference for us to complete and once we've resolved that we'll be able to proceed now we have no errors found so we can go ahead and move forward with our form couple other things I do want to point out here we also offer the form instructions and and the schedule instructions for um each section of the form for your quick reference guide and then a small information guide to help explain what each icon that you'll encounter means so once we've completed the form all of the errors are resolved we'll proceed to audit again we'll click continue to audit now that we've resolved all those errors we'll click next once we've processed payment for the return we'll have the option to share as mentioned a lot of our clients share their return with their clients or organization members share electronically allows you to add an individual that you'd like to share the return with and they'll get a email with a link to access that document if you choose to share manually no further steps need to be taken you can go ahead and proceed to the next step the eign option for the 8453 is available here where you can send the eign request to your client and they again will get an email with a link to access that document and electronically sign it once they've signed you'll be notified and can proceed with your form and then once you've completed the signature process the last step is to transmit the return to the IRS all right so that was the inside application um just a few quick features on how the process works if you have additional questions or want additional information please reach out to us we'd be happy to give you more detailed information on a specific topic but let's go ahead and open it up for a short Q&A um we are about at our time limit here but we'll take a couple minutes to do a quick Q a go ahead and post your questions in the chat box and we will answer them live but please remember we are not able to provide tax advice um we can just help provide guidance and information on the returns themselves or the process of filing with tax 990 Jessica's wondering if they can file an amended return for their client if the original return was filed somewhere else yes we do offer the option to file an amend return even if the original return was not filed with tax 9.90 when you start the form you'll want to choose the form based filing format um and you can indicate there on page one that is an amended return we're getting a lot of pricing questions for information on pricing please visit tax 90.com pricing our form price is per form so we want want you to be able to review all of the information there we do also have an extensive knowledge base available at tax 90.com with a significant amount of commonly asked questions or to further explain specific parts of the form so you can check that out all of our webinars are available at tax 90.com all of the past webinars we've done um so definitely look at our website for more detailed information or content read our blogs watch our videos those types of things hey Rebecca's asking about adding multiple organizations to the account what that process looks like so if you are filing for several organizations or several clients we do have an address book option available that allows a book upload so you can download our book upload template complete all of that information and then upload it back into the account and it'll add all of your organizations automatically to your account Jamie is wondering if they can file an extension for an extension that's a good question that we get a lot actually if you've already filed an 8868 extension or your organization you're working with has already filed you cannot file another extension only one extension is applicable per tax year so if your extension deadline ends you just have to file the 9990 form Andrea is wondering um the difference between the 990 and the 990t um so we I do have webinars on more specific information pertaining to the forms and what each form is used for the 990 form is used for an organization to report general information about the entire tax year um the 990t form can be filed in addition to the 990 form if the organization reported unrelated business income they would also file a 990t to further explain that unrelated business income those are two completely separate forms there's no um combination of them available in tax 990 you can file the 990 form with us and you can file the 990t form with us but we're not automatically going to prompt you to do that like we would with a schedule I think that about wraps up our time today um we are right at our time frame so again thank you guys for attending thank you for letting me join tax Bandits and share this information with you just like all of our products we do have a Live support team available Monday through Friday to assist with the 990 series returns you can give us a call you can reach out via chat or email or have happy to help you along the way keep in mind as the May 15th deadline approaches we are getting busier so the wait time may be a little bit longer on the phone but please we'll call you back if you leave a voicemail or you can send us an email or join our chat we are here to help you so if you have questions let us know otherwise best of luck with your 990 series clients um and yeah thanks again for letting me join today