Zion's Stewards

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  • IRS Form SS-4 (Application for Employer Identification Number) Articles of Incorporation Bylaws IRS Form 1023 (Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) IRS Form 8718 (User Fee for Exempt Organization Determination Letter Request) IRS Form 872-C (Consent Fixing Period of Limitation Upon Assessment of Tax Under Section 4940 of the Internal Revenue Code) IRS Determination Letter (Advance Ruling) IRS Form 1096 (Annual Summary and Transmittal of US Information Returns) IRS Form 1099-MISC (Miscellaneous Income) IRS Form 990 or 990EZ (Return of Organization Exempt From Income Tax) IRS Form 990A (Schedule A Supplementary Information) IRS Form 990B (Schedule B Schedule of Contributors) Utah Form TC-146 (Application for Sales Tax Exemption Number For Religious or Charitable Institutions) Utah Charitable Organization Permit Application Form Provo Business License Application
  • IRS Form SS-4 (Application for Employer Identification Number) Articles of Incorporation Bylaws IRS Form 1023 (Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) IRS Form 8718 (User Fee for Exempt Organization Determination Letter Request) IRS Form 872-C (Consent Fixing Period of Limitation Upon Assessment of Tax Under Section 4940 of the Internal Revenue Code) IRS Determination Letter (Advance Ruling) IRS Form 1096 (Annual Summary and Transmittal of US Information Returns) IRS Form 1099-MISC (Miscellaneous Income) IRS Form 990 or 990EZ (Return of Organization Exempt From Income Tax) IRS Form 990A (Schedule A Supplementary Information) IRS Form 990B (Schedule B Schedule of Contributors) Utah Form TC-146 (Application for Sales Tax Exemption Number For Religious or Charitable Institutions) Utah Charitable Organization Permit Application Form Provo Business License Application
  • Zion's Stewards

    1. 1. Nonprofit Tax and Accounting Fundamentals for Humanitarian Organizations Todd Manwaring Managing Director
    2. 2. Agenda <ul><li>Introductions </li></ul><ul><li>Part I: What Are We Trying To Do? </li></ul><ul><ul><li>Pre-Test </li></ul></ul><ul><ul><li>Start with the end in mind: What do the state and federal government want to know? </li></ul></ul><ul><ul><li>What information do we need to keep? </li></ul></ul><ul><li>Part II: Financial Information </li></ul><ul><ul><li>Examples / Practice </li></ul></ul><ul><li>Part III: Non-Financial Information </li></ul><ul><ul><li>Examples / Practice </li></ul></ul>
    3. 3. Levels of Tax & Accounting <ul><li>Do it yourself – have a friend help you </li></ul><ul><li>Solicit an accounting person to review your work (volunteer, board member) </li></ul><ul><li>Hire consultants to help: </li></ul><ul><ul><li>Bookkeepers </li></ul></ul><ul><ul><li>Tax Preparation </li></ul></ul><ul><ul><li>Auditing </li></ul></ul><ul><li>Hire internal employees </li></ul><ul><li>This workshop covers FUNDAMENTALS ONLY </li></ul>
    4. 4. Pre-Test <ul><li>Match These Forms </li></ul><ul><li>Provo Business License Application </li></ul><ul><li>IRS Form 1099-MISC </li></ul><ul><li>Utah Registration Information Change Form </li></ul><ul><li>IRS Form 990 or 990EZ </li></ul><ul><li>IRS Form 1023 </li></ul><ul><li>IRS Form 990 Schedule A </li></ul><ul><li>IRS Form 8718 </li></ul><ul><li>Utah Charitable Organization Permit Application Form </li></ul><ul><li>Bylaws </li></ul><ul><li>IRS Form SS-4 </li></ul><ul><li>IRS Form 872-C </li></ul><ul><li>Utah Annual Report / Renewal Form </li></ul><ul><li>IRS Determination Letter </li></ul><ul><li>IRS Form 1096 </li></ul><ul><li>IRS Form 990 Schedule B </li></ul><ul><li>Articles of Incorporation </li></ul><ul><li>Utah Form TC-146 </li></ul><ul><li>To These Activities </li></ul><ul><li>Forming the 501(c)3 </li></ul><ul><li>IRS Recognition of 501(c)3 </li></ul><ul><li>State Recognition of 501(c)3 </li></ul><ul><li>Yearly Activities (Jan-Feb) </li></ul><ul><li>Yearly Activities (Accounting Period) </li></ul>
    5. 5. Pre-Test <ul><li>Match These Forms </li></ul><ul><li>IRS Form SS-4 </li></ul><ul><li>Articles of Incorporation </li></ul><ul><li>Bylaws </li></ul><ul><li>IRS Form 1023 </li></ul><ul><li>IRS Form 8718 </li></ul><ul><li>IRS Form 872-C </li></ul><ul><li>IRS Determination Letter </li></ul><ul><li>Utah Form TC-146 </li></ul><ul><li>Provo Business License Application </li></ul><ul><li>IRS Form 1096 </li></ul><ul><li>IRS Form 1099-MISC </li></ul><ul><li>IRS Form 990 or 990EZ </li></ul><ul><li>IRS Form 990 Schedule A </li></ul><ul><li>IRS Form 990 Schedule B </li></ul><ul><li>Utah Charitable Organization Permit Application Form </li></ul><ul><li>Utah Annual Report / Renewal Form </li></ul><ul><li>Utah Registration Information Change Form (if needed) </li></ul><ul><li>To These Activities </li></ul><ul><li>Forming the 501(c)3 </li></ul><ul><li>IRS Recognition of 501(c)3 </li></ul><ul><li>State/Local Recognition of 501(c)3 </li></ul><ul><li>Yearly Activities (Jan-Feb) </li></ul><ul><li>Yearly Activities (Accounting Period) </li></ul>
    6. 6. Forms IRS And Utah Want? <ul><li>IRS Form 1096 </li></ul><ul><li>IRS Form 1099-MISC </li></ul><ul><li>IRS Form 990 or 990EZ </li></ul><ul><li>IRS Form 990 Schedule A </li></ul><ul><li>IRS Form 990 Schedule B </li></ul><ul><li>Utah Charitable Organization Permit Application Form </li></ul><ul><li>Utah Annual Report / Renewal Form </li></ul><ul><li>Utah Registration Information Change Form (if needed) </li></ul>
    7. 7. IRS Form 1096 & 1099-MISC <ul><li>Often forgotten; required early in year. </li></ul><ul><li>Form 1096 is a summary form of your 1099s. </li></ul><ul><li>Normally, the IRS just wants to know about non-employees that you paid over $600 to. </li></ul><ul><li>Instructions </li></ul><ul><ul><li>http://www.irs.gov/pub/irs-pdf/i1099msc.pdf </li></ul></ul><ul><li>Employees reported via IRS Form 941 and its companions (quarterly and yearly). </li></ul>
    8. 8. IRS Form 990EZ/990, Schedule A/B <ul><li>These are your yearly tax statements – due after organization fiscal year. </li></ul><ul><li>They are used by others as well (state, grantors, donors) </li></ul><ul><li>All of the information is public except parts of Schedule B </li></ul><ul><li>Instructions </li></ul><ul><ul><li>http://www.irs.gov/pub/irs-pdf/i990-ez.pdf </li></ul></ul><ul><ul><li>http://www.irs.gov/pub/irs-pdf/i990sa.pdf </li></ul></ul><ul><li>What is the IRS trying to determine? </li></ul>
    9. 9. Utah Annual Report Renewal Utah Registration Information Change <ul><li>Often forgotten; required at anniversary of organization </li></ul><ul><li>Keeps your corporation “active” with state </li></ul><ul><li>Allows simple changes to corporate location, agent, governance </li></ul><ul><li>Much of the information is public </li></ul><ul><li>What is the State of Utah trying to do? </li></ul>
    10. 10. Utah Charitable Organization Permit Application Form <ul><li>Usually forgotten; required annually </li></ul><ul><li>Part of the Division of Consumer Protection </li></ul><ul><li>Keeps solicitation information current with Utah </li></ul><ul><li>Some of the information is public </li></ul><ul><li>Instructions </li></ul><ul><ul><li>http://www.commerce.utah.gov/dcp/downloads/permitapps/charitableorganizationinstructions.pdf </li></ul></ul><ul><li>What is the State of Utah trying to do? </li></ul>
    11. 11. What Information Do We Keep? <ul><li>Financial: Categorized Income, Expenses, Assets, Liabilities </li></ul><ul><ul><li>Ledgers/Spreadsheets/Quicken/Money </li></ul></ul><ul><ul><ul><li>Do it yourself – have a friend help you </li></ul></ul></ul><ul><ul><ul><li>Solicit an accounting person to review your work (volunteer, board member) </li></ul></ul></ul><ul><ul><li>Professional Accounting Packages (Quickbooks on up) </li></ul></ul><ul><ul><ul><li>Solicit an accounting person to review your work (volunteer, board member) </li></ul></ul></ul><ul><ul><ul><li>Hire consultants to help </li></ul></ul></ul><ul><ul><ul><li>Hire internal employees </li></ul></ul></ul><ul><li>Non-Financial </li></ul>
    12. 12. Other Items to Remember <ul><li>Local business license renewals </li></ul><ul><li>Donor receipts – especially over $250 </li></ul>

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