990 Tax Exempt Organizations

[John of PA]

I am scrambling on a few last minute 990 issues (990's under extension are due Aug 15th). Am I correct in assuming that the Dexuxe edition of THE TAX BOOK does not cover 990's? I do not see a tab for such.

[Bees Knees]

The literature for the new book under What's new for 2006 says it will have a section for exempt organizations. The 2005 book had nothing on the subject.

I would be curious to know how many out there have ever done a 990 before? In my 24 years in the biz, I have never had to deal with one.

[Unregistered]

I am scrambling on a few last minute 990 issues (990's under extension are due Aug 15th). Am I correct in assuming that the Dexuxe edition of THE TAX BOOK does not cover 990's? I do not see a tab for such.

You can extend for another three months if this is a calendar year 2005 990.

[Acownt4it]

3 out of 35

of my business clients are 990's.

[Unregistered]

The literature for the new book under What's new for 2006 says it will have a section for exempt organizations. The 2005 book had nothing on the subject.

I would be curious to know how many out there have ever done a 990 before? In my 24 years in the biz, I have never had to deal with one.

Never in 24 years? I've only been in the business 15 years, but have done several every year. They are quite lucrative for my small practice, as the big guys typically overcharge for their services with these returns.

[Bees Knees]

Never in 24 years? I've only been in the business 15 years, but have done several every year. They are quite lucrative for my small practice, as the big guys typically overcharge for their services with these returns.

You must be an exception to the rule. I use to work in a tax preparation firm that had over 30 accountants...none of which had ever seen a 990 in their practice.

[OldJack]

Fat

I have done several over the years (pro bono) but I do not do any currently. However, I have one prior client that calls me every year with questions about how to do this or that. Yep... TheTaxBook should have it covered and that is going to make the deluxe addition a big fatter book.

[Gretel]

I would be curious to know how many out there have ever done a 990 before? In my 24 years in the biz, I have never had to deal with one.

I am finishing up the first one right now. Try to make sense out of what two CPA's have done in regards to government grants treated as program service revenue. It's a long standing non-profit and I hesitate to make major changes the more so as I had to correct some entries going long years back.

I feel I deserve every penny I am charging.

[sea-tax]

I also do 2-3 per year mostly simple home owners assoc.

[S T]

990/990ez

I also do simple 990 EZ returns. Altho, I also did a filing application for tax exempt Volunteer Fire Dept last year. That form 1023 was really an experience. And the worst of it is, I don't think the applicant followed through!

I would welcome some info in the TaxBook.

Sea Tac aren't your simple HOA's filed on form 1120H?

Sandy

[Unregistered]

I also do simple 990 EZ returns. Altho, I also did a filing application for tax exempt Volunteer Fire Dept last year. That form 1023 was really an experience. And the worset of it is, I don't think the applicant followed through!

I would welcome some info in the TaxBook.

Sea Tac aren't your simple HOA's filed on form 1120H?

Sandy

Sandy you are correct. I am sorry it has been a long day. been on the phone with IRS and my mind is mush. I saw non-profit and thought of my hoa's so I guess my correct answer is no , none, zilch.
thanks
sea-tax

[S T]

Thanks

Thanks Sea Tac, at least I know I am not losing my mind, I really wonder these days, as I have LLC's on sched C and LLC's on form 1065 and LLC"s on S Corps.

Even IRS is having trouble keeping them straight, I received a letter denying an extension on a form 1065 as the extension dept shows the EIN as a 1120S, but we have a letter accepting as a 1065. Go figure.

It is a wonder how we can keep anything straight!

Sandy

[Bees Knees]

I also do 2-3 per year mostly simple home owners assoc.

Home owners associations rarely would qualify for exempt status on a 990. They either go on an 1120 or an 1120-H.

[Jiggers]

990's in my practice?

The only 990-EZ that I do is the one for the fraternal organization that I belong to.

I have tried them in the past for other organizations. However, most are non-profits that won't pay or want to pay what the return is worth. They think that you should do these for pro-bono or for a very little fee.

Due to the liability, I restrict my practice to no 990(990-EZ)'s.

They really are complicated and I do not take any CPE for 990's.

[Black Bart]

LLC entities

Thanks Sea Tac, at least I know I am not losing my mind, I really wonder these days, as I have LLC's on sched C and LLC's on form 1065 and LLC"s on S Corps.

Even IRS is having trouble keeping them straight, I received a letter denying an extension on a form 1065 as the extension dept shows the EIN as a 1120S, but we have a letter accepting as a 1065. Go figure.

It is a wonder how we can keep anything straight!

Sandy

Sandy / I've got an LLC that's a sole prop and was thinking about switching him to an S corporation, but I've also been worried about IRS or others (state maybe) getting it fouled up like they did to your guy. Surely it could be worked out, but isn't it amazing how much time you have to spend on such ridiculous clerical errors that could be fixed in seconds if they'd just pay a little attention.

I know how we could both get around this. Just hire this lawyer I know that I talked to awhile back about LLCs. One of my clients went to him to set up a partnership LLC and he made it a corporation. I called him about it and he informed me that "all LLCs are automatically corporations." So, wouldn't that solve our problems?