Your nonprofit organization is subject to specific accounting and tax standards that are unique to tax-exempt entities. Whether your organization has been in existence for decades or is just getting started, navigating these standards can be tricky to manage, but when donors and members are confident in your organization, it removes any doubt they might have contributing to your mission.
At Nacca & Capizzi, LLP we partner with you to help you stay in compliance and achieve your goals by providing:
- Tax-exempt application assistance
- Internal control assessments
- IRS and State tax filings (form 990, 990EZ, and 990N)
- Audited, reviewed, and compiled financial statements
We can help you setup and maintain your non-profit organization's tax-exempt status by handling all of the IRS reporting for you.
Each year the IRS requires most tax-exempt organizations to submit the Form 990 and if necessary, financial statements, which include the following items:
- Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
- Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
- Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations
- Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings
- Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.
The IRS uses specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. Therefore, it's imperative that you build your accounting system around these revenue and expense guidelines.
Here is what we can do for you:
- Review and compile your financial statements
- Provide a full scale audit if one is required
- Design, install, and maintain your Accounting System
- Weekly, bi-weekly, or monthly payroll preparation
- Payroll Tax preparation and deposits
- Provide training for your accounting personnel
- Complete and file your non-profit status application
- Provide training for your board on non-profit financial statement usage and effective budgeting practices
- Prepare and file the 990 and 990T tax forms
- Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies
- Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.