Following is a transcript of this podcast episode, with audio/video below.
Welcome to the Two-Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel, co-owner of MoneyMinder where our goal is to make your life as a volunteer way easier.
Payam writes: My group is tax exempt with the IRS. Since we break even every year, meaning we spend all of the money we bring in, do we still need to file a tax return?
The short answer is yes, absolutely. In order to stay in good standing with the IRS and retain your tax-exempt status, you need to file a version of the 990 every single year. Which version you file generally depends upon your gross income. So, to figure out what version you should be filing, you should start by looking back on group’s past filings. If you don’t have those handy you can go the IRS’s website, www.irs.gov and type in “Search for Tax Exempt Organizations” in the search bar. You’ll be able to see your group’s past filings there.
Honestly, the IRS is really mostly interested in your revenue for the year, regardless of whether or not you spent it all. Be sure to stay on top of those requirements or you will run the risk of losing your status which is really hard to get back. So don’t go there.
That’s it for today! Thanks for listening! If you have a question you’d like answered, just email it to me at [email protected]. My name is Cyndi Meuchel and this is your Two-Minute Treasurer’s Tip for today.
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Connect your Bank, Square and PayPal accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.