SmartVault Nonprofit is a tax preparation software designed for nonprofit organizations and professional tax preparers. It makes it easy to create a custom year-end financial statement for your organization, including: all three financial statements (balance sheet, income statement, and cash flow), on-demand year-to-date P & L, account balances throughout the year, on demand current asset/liability status and more.
We provide very user-friendly and fully featured income tax prep software for non-profit organizations and all other types of small businesses. Our solutions cater to both experienced and novice users alike with no annual fees. From individual filers to multi-office and multi-location accounting firms, we offer affordable solutions that streamline all aspects of your tax preparation process and save you time each year.
Confidently File 990 Online Returns
Make it simple to prepare and file forms 990-N and 990-EZ, the required annual IRS returns for nonprofits.
Software To Prepare Your Form 990
Small and mid-sized nonprofits can quickly and accurately prepare and file Form 990 returns online with an easy-to-use, IRS-authorized, step-by-step software. With Aplos, you can prepare and electronically file your 990 form to the IRS, and receive confirmation that it was received and accepted on time.
Form 990-N And Form 990-EZ
In Aplos, you can e-file your 990-N, a quick 5-minute annual return required for recognized nonprofit organizations with less than $50,000 in annual revenue. If you need to e-file the 990-EZ form, you can submit the simplified informational return required by the IRS for recognized nonprofits with $50,000 – $200,000 in annual revenue.
Check Form 990 Status With Your EIN
Enter your Employer Identification Number (EIN), also known as a Taxpayer Identification Number, into our database to find the status of your 990 forms or to identify when it’s time to file your upcoming form.
What Is A Form 990?
While nonprofit organizations do not have to pay federal, state, or local income tax or file a traditional tax return, they must still pay payroll tax, sales tax, and use tax. Most tax-exempt organizations are required to file an annual informational return with the IRS. This annual reporting is done when you file 990 forms for your nonprofit that are due by the fifteenth of the fifth month after the close of your fiscal year. For example, if your fiscal year ends December 31, you need to file your form 990, 990-EZ, or 990-N by May 15 of the following year. If you are unable to meet the file deadline, you can file form 8868 to get a three-month extension.
What is IRS form 990?
The IRS form 990 series are informational tax forms that most nonprofits must file annually. The long form and short forms provide the IRS with information about the organization’s finances and activities, including grants, fundraising fees, program service revenue, and employee salaries.
The form also requires sharing the organization’s mission statement, the number of voting members in the governing body, and the number of employees.
The IRS requires all tax-exempt nonprofits to make their three most recent Form 990s public.
Who files a 990 tax form?
Most nonprofit organizations with IRS tax-exempt status and gross receipts of $200,000 or more or assets of $500,000 or more at the end of the year must file an IRS 990 form annually with the IRS. This form details the money the organization raised through fundraising, grants, and services, how much they paid out to employees, and the assets the organization purchased, sold, or maintained.
Do all tax-exempt nonprofits need to file an IRS 990 form?
No, not all nonprofits are required to file a Form 990. According to the IRS, many types of organizations including religious institutions, foreign organizations, and certain government and political organizations are not required to file a Form 990 series return.
Tax-exempt nonprofit organizations with gross receipts less than $200,000 and assets less than $500,000 at the end of the year may file a ”short” Form 990-EZ. Tax-exempts with gross receipts of $50,000 or less may electronically file a Form 990-N e-postcard.
What happens if you fail to file a Form 990?
Organizations that fail to file a Form 990 series tax form for three years in a row can lose their tax-exempt status, which can have long-term implications for the organization. If you are not sure if you are required to file a Form 990, get help. Learn about the many ways to file your taxes with H&R Block.
Form 990 instructions
A 990-series tax form must be filed annually to maintain your tax-exempt status. Here’s how to file a Form 990:
- Determine which form you must file based on the IRS requirements.
- If you are required to file the long or short form, gather information about employee pay, fundraising activities, and other income or donations. Documents you may need include W-2s for employees, donation receipts, etc.
- Tax-exempt organizations are generally required to file electronically. Large organizations that file at least 250 returns (such as Form W-2 and Form 1099) are required to file Form 990 electronically. The Form 990-N is always filed electronically.
- Complete the form as indicated, paying special attention to the Checklist of Required Schedules, which explains what portion of the form must be filled out based on your organization’s unique circumstances.
- File the form by the 15th day of the fifth month after the end of your organization’s accounting period. For example, if your accounting year ends on December 31, you must file Form 990-N by May 15 of the following year.
What are my filing responsibilities once I receive/apply for my tax-exempt status?
An organization that normally has $50,000 or more in gross receipts and that is required to file an exempt organization information return must file either Form 990 PDF, Return of Organization Exempt from Income Tax, or Form 990-EZ PDF, Short Form Return of Organization Exempt from Income Tax. See Filing Phase-In for more information about which return to file. The return is due on the 15th day of the 5th month after the end of the organization’s fiscal year. (For example, the 2008 return of an organization whose fiscal year ends on June 30, 2009, would be November 15, 2009.) The due date may be extended for six months, without showing cause, by filing Form 8868 PDF before the due date.An organization will only be allowed an extension of 6 months for a return for a tax year.
Small organizations – those whose annual gross receipts are normally less than the threshold- are not required to file an annual return, but may be required to file an annual electronic notice – e-Postcard.
Nonprofit Financial Reporting
Make financial reports easier with accounting software designed for nonprofit organizations.
Form 990 Reports
Create 990 tags in your accounting throughout the tax year to mark specific transactions for easy 990 reporting.
Fund Balances And Income Statement By Fund
Generate your required reports with the click of a button in Aplos, and quickly print them out or email them directly to your board.
Automatically Track Donations And Create Receipts
Track donations and pledge fulfillment for any purpose, automatically send gift acknowledgments for online donations, and easily print or email donation receipts and pledge statements.
Fundraising Reporting
Gain insights into your fundraising health with donation reports that make it easy to see new donors, lapsed donors, and your most engaged donors. You can also easily track the success of your fundraisers, other events, and campaigns through custom-built reports.
Nonprofit Management Platform
Maximize your efforts with a complete nonprofit CRM to share with your team for better insights and tracking.
Fundraising And Communication Tools
Manage your donors, online donations, pledge tracking, and event registration in one place. Your complete contact database also includes an email builder, letter builder, and mailing label creator to communicate with your constituents.
Financial Tools
The Aplos platform contains built-in fund accounting with the functionality to e-file 990-N and 990-EZ forms.
Nonprofit Website
Launch your nonprofit website to share your upcoming events and success stories, and make it simple for people to give.
How Much Should I Donate to Charity for Tax Purposes Without Triggering an Audit?
Taking The Charitable Deduction
Federal tax laws allow you to write off qualified donations to charitable organizations. You must file Schedule A and list the donation as an itemized deduction. The donation must be to a qualified charity; the IRS keeps a complete database of these.The agency also wants you to keep records and receipts of cash contributions, and if you contribute more than $500 worth of non-cash goods, you must file Form 8283, Noncash Charitable Contributions.
Donation Ratio
The amount of your charitable deduction may alert the DIF system used by the IRS. The agency’s computers track the average “donation ratio” for your income level and compares that number to the amount you’re claiming. In 2011, for example, for returns showing adjusted gross income between $35,000 and $40,000, the average claimed cash contribution was $2,036. Claiming contributions well in excess of the average ratio raises an audit flag; the IRS website offers a complete set of data breaking down itemized deductions by type, total returns claiming the deduction and total amount claimed.
Non-Cash Contributions
Donating non-cash items to a charity will raise an audit flag if the value exceeds the $500 threshold for Form 8283, which the IRS always puts under close scrutiny. If you fail to value the donated item correctly, the IRS may deny your entire deduction, even if you underestimate the value. In addition, if you fail to provide an appraisal of any single item valued at more than $5,000 — Section B of Form 8283 — an audit of your return may be the response.
Other Auditable Issues
The IRS will also respond if you attempt to claim the donation of your time or services, no matter the amount. These are not considered deductible donations and may trigger an audit. Many IRS audits are relatively simple “correspondence audits,” in which you get a notice through the mail and a request for documents. In response to a mistake, the IRS may simply deny your deduction, send a correction of your tax return and bill you for the higher tax. This would happen, for example, if you exceed the limit for the charitable deduction, which is 50 percent of your adjusted gross income for the 2013 tax year.
Conclusion
Some of the greatest minds at BGT have donated their expertise to develop the most comprehensive, easy-to-use tax preparation software for nonprofits. Whether you’re using it for the first time or have been preparing 990s for years, you’ll appreciate all of the special features that have been included to make your job easier and your returns more accurate.