Hammer Navarro CPA will set up and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you.
The IRS uses very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. It is important that you build your accounting system around these revenue and expense classifications.
Each year the IRS requires most tax-exempt organizations to submit Form 990 and its relations, which includes the following items.
Revenue and expense categories like donations, salaries, postage, and rent.
Cash, Accounts Receivable, and Accounts Payable
Expense allocated to either program services, fundraising, or operations.
Report all the expenses for each program or service like seminar programs or educational mailings.
Prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.
Detail sources of income in specific categories like charitable donations, membership fees, investment income.