Forms 990 and 990-PF for Tax Exempt Organizations Arkansas Federal Tax Institute December 5, By Michelle C. Mann, CPA JPMS Cox, PLLC

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1 Forms 990 and 990-PF for Tax Exempt Organizations Arkansas Federal Tax Institute December 5, 2014 By Michelle C. Mann, CPA JPMS Cox, PLLC

2 Tax Exempt Entity Forms Form 990 (expanded for 2008 forward) Form 990-EZ Form 990-N (e-postcard) Form 990-PF for Private Foundations Form 990-T (Unrelated Business Income)

3 Thresholds for 2010 and beyond Gross receipts normally $50, N Gross receipts < $200,000 and Total assets < $500, EZ Gross receipts $200,000, or Total assets $500, If an organization is a 501(c)(3) Private Foundation, it files form 990-PF regardless of the amount of revenue or assets

4 Comparison of Public & Private Entities Both exempt under 501(c)(3) Both file form 1023 to request tax exemption Both can receive tax deductible charitable contributions, but AGI limit (cash) 50% vs. 30% IRS assumes all are private foundations until organization can prove otherwise Public charities must meet public support test on Schedule A (generally 33 1/3%, discussed later) Private foundations often used for family or corporate gift planning or scholarship funds Private foundations have excise taxes & minimum distribution requirements (5% of FMV of assets)

5 Core Form 990 I Summary II Signature Block III Program Service Accomplishments IV Checklist of Required Schedules V Other IRS Filings and Tax Compliance VI Governance, Management, and Disclosure VII Compensation VIII Statement of Revenue IX Statement of Functional Expenses X Balance Sheet XI Reconciliation of Net Assets XII Financial Statements and Reporting

6 Schedule A Public Support Test Explains why 501(c)(3) is not a private foundation mark appropriate box on Schedule A, page 1 Identity categories Churches Schools Hospitals and medical research organizations Governmental units Revenue testing using a 5 year period (33 1/3%) 509(a)(1) use Schedule A page 2 509(a)(2) use Schedule A page 3 Organized and operated to test for pubic safety Supporting organizations (form expanded for 2014)

7 Schedules for 990 A Public Charity Status and Public Support B Schedule of Contributors C Political Campaign and Lobbying Activities D Supplemental Financial Statements E Schools F Statement of Activities Outside the US G Fundraising or Gaming Activities H - Hospitals

8 Schedules for 990 I - Grants to Organizations, etc. in the US J - Compensation Information K - Tax-Exempt Bonds L - Transactions with Interested Persons M - NonCash Contributions N Liquidation, Termination, Dissolution, or Significant Disposition of Assets O Supplemental Information R Related Organizations and Unrelated Partnerships

9 Form 990-PF Page 1-4 columns Revenue & Expenses per Books (Book Accounting Method) Net Investment Income (for the Excise Tax Calculation) Adjusted Net Income Disbursements for Charitable Purposes (Cash Basis) Page 2 Balance Sheet (& FMV) & Equity Reconciliation Page 3 Cap. Gains; Reduced Tax on NII Page 4 Excise Tax on NII; questions thru P. 6 Page 6 Officers, Directors, Employees Page 8 Minimum Investment Return; Distributable Amount; Qualifying Distributions Page 9 Undistributed Income or Excess Distributions Page 11 Grants Page 12 Income-Producing Activities

10 Form 990-PF Excise Taxes Section 4940 Net Investment Income Excise tax of 2% (not an income tax) May be reduced to 1% if qualifying distributions are greater than the prior 5 year average of distributions plus 1% of net investment income US House Bill 4691 would reduce the tax to 1% Section 4941 Self-dealing Section 4942 Minimum Distributions Section 4943 Excess Business Holdings Section 4944 Jeopardizing Investments Section 4945 Taxable Expenditures Section 4946 Disqualified Persons

11 Other Federal Tax Returns Form 990- T Unrelated Business Income Form 990-W estimated payments if income or excise tax is expected to be $500 or more Employment Taxes federal and state Information Reporting Forms 1098, 1099 Report of Foreign Bank and Financial Accounts (FBAR - FinCEN 114, formerly TD F )

12 Unrelated Business Income File 990-T if $1,000 or more UBI Activities Subject to UBIT: Trade or Business Regularly Carried On Not Substantially Related to Exempt Purpose Exceptions: Volunteers, Convenience, Donated Merchandise, Etc. Excluded Income: Interest, Dividends, Some Rents, Gains / Losses *Recommend IRS Pub. 598

13 Arkansas Reporting Attorney General s office annual filing if solicit charitable contributions Secretary of State s office annual report if entity is a nonprofit corporation Sales and use taxes, with some exemptions

14 Disclosure of Form 990 Complete signed copy with attachments must be available for public inspection for 3 years 990-T also required to be disclosed for 3 years Schedule B, donor names and addresses are exempt from public disclosure

15 Donation Solicitation Rules Written acknowledgment of contributions of $250; no goods or services provided language important Due by January 31 If organization provides anything of value in exchange for the contribution and the contribution is over $75, organization provides a good faith estimate of the value of the goods and services provided See blogs on jpmscox.com

16 Charitable Contribution Substantiation Forms Form 8282, Donee Information Return Form 8283, Noncash Contributions Form 8899, Notice of Income from Donated Intellectual Property Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes

17 Obtaining Tax Exempt Status Form 1023 Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code Form 1023-EZ now available if annual receipts are $50,000 or less and assets are $250,000 or less Form 1024 Application for Recognition of Exemption Under Section 501(a)

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