As March rolls by and the deadline for individual tax returns looms ever closer, it is time also to think about annual filings for nonprofits. Last year, the IRS unveiled the revised Form 990, which includes new filing requirements for smaller organizations (see this article from GuideStar), expanded reporting requirements for topics such as governance, compensation, and joint ventures, and categorized reporting of fundraising activities and revenue. Listed below are some resources that will help you adapt to the new Form 990 and complete your annual filing this year.
Our FAQ on the redesigned Form 990 provides an overview of the major changes to the form, as well as links to related resources from the IRS and other organizations.
Full coverage of the redesigned Form 990, including filing instructions and frequently-asked questions, can be found at the IRS web site.
Looking for training on how to complete the new Form 990? The IRS offers a series of web-based mini-courses covering the redesigned Form 990 and its various schedules. There are additional online courses on applying for tax-exempt status, employment issues, charitable tax deductions, unrelated business income, and more. The IRS also conducts a number of in-person Workshops for Small and Mid-Size Tax-Exempt Organizations. Each one-day workshop is presented by an experienced tax professional and includes information on what 501(c)(3) organizations must do to keep their tax-exempt status and comply with tax obligations.
The IRS also has a section of its site devoted to more general Tax Information for Charitable Organizations, including tax exemption, filing requirements, restrictions on political activities, and the life cycle of a public charity.
The Foundation Center-Atlanta has a number of guides and handbooks for completing the Form 990 in its collection, including:
The New Form 990: Law, Policy, and Preparation (Hokoken, NJ: John Wiley & Sons, 2009) provides instructions for completing the revised Form 990. Following the overview, the chapters conform to the order of the form, looking at each part, line, and schedule of the document, explaining the pertinent laws. Written in non-technical language, the book also discusses those aspects of the new form that are controversial or have been challenged. A copy of the form is included.
The Zondervan Church and Nonprofit Organization Tax & Financial Guide (Grand Rapids, MI: Zondervan Publishing House) discusses various financial and accounting topics in plain language. Subjects covered include tax exemption, employee compensation, reporting, and charitable gifts; the book contains sample documents.
PPC's 990 Deskbook & PPC's 990 Deskbook Quick Reference Binder (Fort Worth, TX: Practitioners Publishing Company) contain in-depth information, checklists, worksheets, and other resources for filling out all versions of the Form 990.
You can find more books, articles, and other resources on this topic by searching the Catalog of Nonprofit Literature (CNL) for the subjects "Tax returns", "Taxation", or "Nonprofit organizations--accounting".
Looking ahead, the Center will also be hosting a workshop in collaboration with Pro Bono Partnership of Atlanta on What You Need to Know About the Revised Form 990 on Friday, May 29th.
Stephen Sherman, Reference Librarian, Foundation Center-Atlanta
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