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In order to qualify
for a Non-Profit Organization use must fit into one of the categories
listed by the IRS in Section 501 (a) of the Internal Revenue Code. Check
this link for a list of the different types of Non-Profit's
with filing requirements. Below are listed the basic requirements
to qualify for a non-profit organization:
- Non-Profit Organization
serves some type of common good.
- Non-Profit Organization
is not a "for profit" entity. Check here for a list of
entity types.
- Net earning do
not benefit members of the Non-Profit Organization
- Non-Profit Organization
does not exert political influence.
As Non-Profit Organization
some activities may result in a tax liability including the following:
- Unrelated business
activities
- Feeder organizations
- Private foundations
- Prohibited Transactions
Non-profit Organization's
that are required to file a Form 990 must do so by the 15th day of the
5th month after the accounting period ends. For Non-profits this may vary
from the calendar year end. Form 8868 can be filed to request a tax extension.
Huey & Associates,
P.C. can work with you to ensure that you file an accurate and timely
corporate tax return. Some of the services we offer with filing your Form
1120 include:
- Computer software
analysis of all returns to ensure math and common mistakes are avoided.
- We will do a tax
analysis of your return and sit down with you for some tax planning
for the next year.
- Provide you with
an easy to use Organizer to gather your information together at the
beginning of the year.
- Discuss the final
results of the Tax Return and if needed file a Tax Extension for you.
- Discuss the effect
if any on your personal 1040
Income Tax Return.
- Provide copies
of your tax return for your records and electronic storage of a copy
of your Tax Return for quick and easy access for future requests.
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