By Samantha Ramirez, CPA, Tax Manager
ASL Nonprofit Group
Several questions on the Federal Form 990, Return of Organization Exempt from Income Tax, ask about the existence of certain governance policies. While these questions may seem insignificant, the implications of not having these policies in place could be detrimental to the organization. This article will briefly discuss what these policies are and why they are important. (more…)
We Are Exempt From Paying Tax, But What Do We File With the IRS?
By Samantha Ramirez, CPA, Tax Manager
ASL Nonprofit Group
For nonprofit organizations, no income tax may be due, but an annual return must be provided by certain exempt organizations in order to maintain tax-exempt status. Tax-exempt organizations typically file a Form 990, but depending on the amount of gross receipts or the total value of assets, the organization may have options for filing a more simplified form. Below we have outlined the requirements for each form: (more…)