Archive: Form 990

  • Clear Filters

New IRS Form 990 Audit Selection Methodology

The IRS has recently improved its audit selection process shifting from a subjective selection to a data-driven selection. Previously, subjective audit selection indicated that audits were driven by issue-specific determination. For example, following an IRS study on hospitals, more hospitals were selected to be audited compared to previous years. Similarly, following an IRS study on […]
January 6, 2017

How to Get Your ACA Tax Credit When You’re a Tax-Exempt Organization

Under the Affordable Care Act (ACA), a small employer can claim a portion of insurance premiums paid as a tax credit. But what do you do if you are a tax-exempt organization? Don’t worry! You can still claim the credit if your organization is eligible. Eligible tax-exempt organizations can claim up to 35% of premiums paid. […]
February 12, 2015

Social Security Numbers on Form 990 = Identity Theft Risk

A recent study published by Identity Finder, a security and privacy software company, revealed that nearly half a million social security numbers were included in public filings of Form 990. The study reports that between 2001 and 2006, 18% of all non-profit organizations included at least one social security number on their Form 990. Since […]
April 25, 2012

Erroneous 990 Penalty Notices

The Journal of Accountancy is reporting that some tax-exempt organizations have received penalty notices for late filings even though they properly filed extensions during March. The IRS e-filing computer system was down for maintenance and programming changes so the IRS extended the filing deadline for organizations that would normally have had deadlines of January 17 […]
April 2, 2012

Clarifications on 2011 Form 990

The 2011 Form 990 is not significantly changed from the prior year, but the instructions do have some possibly significant clarifications contained in them, if the particular area is applicable to your situation.  Here is a bullet list of the significant clarifications: Any organization must file Form 990, 990EZ or 990-N, even if an exemption […]
February 13, 2012

2011 Changes to 990

The Journal of Accountancy has an article about the changes to the 2011 Form 990. Changes noted include: Organizations must complete Schedule F, Statement of Activities Outside the U.S., if it had foreign investments during the year valued at $100K or more. This means any offshore investments and hedge funds whereas Sch F had previously […]
January 30, 2012

Many more tax-exempts can file e-Postcard instead of Form 990 for 2010 under new rule

In a Revenue Procedure, IRS has raised the annual gross receipts threshold at which tax-exempt organizations (other than private foundations and Code Sec. 509(a)(3) supporting organizations) must file Form 990, Return of Organization Exempt from Income Tax, from $25,000 to $50,000, for tax years beginning on or after Jan. 1, 2010. Thus, under this new […]
January 18, 2011
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