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CPA Services & Tax Reduction Strategies
Has your nonprofit organization filed for exempt status with the IRS?
Form 1023, Application for Recognition of Exemption
under Section 501(c)(3) of the Internal Revenue Code
To be recognized by the IRS as an exempt organization, prospective 501(c)(3) nonprofits must file this application. It is an involved application that requires numerous attachments, including the Articles of Incorporation (if incorporated) and Bylaws, financial information including budgets (if the organization is new), information about the officers and directors, and a complete description of past, present, and planned exempt activities. The IRS requires certain clauses to be included in the state approved Articles of Incorporation or the Form 1023 will be returned.
Churches do not need to file Form 1023, though it is advantageous to do so for several reasons. The IRS will issue a determination letter of exempt status that can be used to "prove" tax exempt status to the occasional donor who inquires. In addition, the name of the church will be listed as an Exempt Organization in Publication 78. The exempt list is also accessible online by those who choose to search for it.
The CPA's at Schnaufer & Walker, Certified Public Accountants, have personally filed hundreds of 1023's for charitable, religious, and educational organizations since 1997 with a 100% approval rate. He will see your 1023 through to completion!
Form 990, Return for Organization Exempt from Income Tax under Section 501(c), 527,
or 4947(a)(1) of the Internal Revenue Code -
This is an annual informational return that needs to be filed by charitable / religious
/ educational nonprofit organizations (churches are exempt from this filing) whose
gross receipts average $25,000 or more per year. Late filing penalties are $20 per
day up to $10,000 total or $100 per day up to $50,000 total -
Call the CPA office of Schnaufer & Walker to have your Form 990 prepared this year. We have been preparing many 990's every year since 1997.
972.798.2046
Schnaufer & Walker
Certified Public Accountants
Audits
Does your organization need an audit for loan applications, grant applications, or management needs?
Schnaufer & Walker can perform the audit of the financial statements of the organization. We will make the task as pleasant as possible.
An audit is conducted in accordance with Generally Accepted Auditing Standards, the object of which is to express an opinion on the financial statements.