At Borshoff Consulting, we know the importance of setting up and maintaining your tax-exempt status, and we can handle all reporting required by the IRS.
When you are first starting or setting up your non-profit organization, Borshoff Consulting can help. We know how to prepare and file your 501(c)(3) application, which is needed in order for you to have a tax-exempt status.
We’ll help you with the following:
- Employer Identification Number (EIN)
- Records of the Board Meetings
- Pertinent Data of All Board Members
- Inventory of Assets
- Inventory of Liabilities
- Revenue and Expense Statements
- Financial Support Documentation
- IRS Processing and Filing Fees
Since the IRS needs the majority of non-profit organizations to submit IRS Form 990, it’s important that you work with a tax professional with the right tax expertise and experience.
To do the correct reporting for the IRS, you will need to submit an income and expense report that has categories on it, such as business expenses, donations, salaries, and more.
Another required report is the Functional Expense Statement, a report on the expenses incurred for fundraising, operations, and programs. An Individual Program Expense Statement is also needed, which reports the expenses for each service or program you offer. This might include things like seminar programs.
Any Revenue Support Schedules will spell out any sources of income you have, including membership fees, charitable donations, and investment income.
You’ll also need someone to keep track of all accounting functions for your organization, such as accounts receivable, accounts payable, and cash transactions.
All of this is crucial for your non-profit organization. It’s all part of retaining your tax-exempt status, so you need to work with someone who understands accounting systems and the proper classifications for your revenue and expenses.
At Borshoff Consulting, we understand how to do all of these things the right way the first time around so that you don’t have tax problems or problems retaining your tax-exempt status.
We can take care of any bookkeeping, forms, accounting, payroll, documentation, and other financial or business issues you may have.
We are well-versed in all aspects of non-profit organizations, so make sure you contact us today to find out how we can best meet your needs and for a free consultation. We are excited to be a part of your team!