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Tax Update for Alumni Classes Rachel L. Williamson, CPA Joined Dartmouth College in June.

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Presentation on theme: "Tax Update for Alumni Classes Rachel L. Williamson, CPA Joined Dartmouth College in June."— Presentation transcript:

1 Tax Update for Alumni Classes Rachel L. Williamson, CPA Joined Dartmouth College in June

2 Tax Update Agenda  Maintaining Tax Exempt Status  New in Fiscal 2013  Filing Requirements  Filing Tips  IRS Notices  Financial Best Practices  Questions

3 Maintain Tax Exempt Status  Tax Exempt Status is generally granted through membership in Dartmouth’s group exemption  Timely File Annual Return  Read & respond to any IRS notices promptly  Do not support or oppose political candidates  Provide copy of return if one is requested

4 New in Fiscal Year 2014  The 990-EZ instructions clarify that short period returns cannot be electronically filed unless it is an initial or final return and the appropriate boxes are checked.  990-N filers that have a change in accounting period must report the change either on Form 990, 990EZ or 1128, or by sending a letter to the IRS.

5 Important reminders  990-N (e-postcard) filings are available when the class’ average gross receipts are less than $50,000. “Average gross receipts” are calculated using the current year and two prior years gross receipts.  The State of New Hampshire does not required an annual filing as long as contributions are solicited only from the class members.

6 Filing Requirements  Annual Federal Tax Filing is required to maintain tax exempt status  Failure to file Form 990-EZ or Form 990 may result in fines of $20 per day past the due date to maximum of 5% of gross receipts.  Failure to file for 3 consecutive years will result in loss of tax exempt status.  Forms are due November 15, 2014. Extension can be filed on Form 8868 for 990 or 990-EZ filing.  It is important to maintain accurate record of revenue and expenses to fulfill your fiduciary duty, document requirements for filing, and provide accurate reporting.

7 Filing Requirements Gross Receipts and AssetsIRS Form Average gross receipts under $50,000.990-N Gross receipts less than $200,000 and total assets less than $500,000. 990-EZ Gross receipts $200,000 or greater.990 Total assets $500,000 or greater990

8 Informational Returns  No Tax  990-N has no penalties for late filing  990 EZ and 990 are subject to fines and penalties for late filing o Publicly Disclosed o 990-T requirement for gross unrelated business income of $1,000 or greater

9 990-N  Simplified filing available to classes  Requirements Average 3 year gross receipts $50,000 or less All receipts, including proceeds from sales of securities For groups in existence less than 3 years, different rules apply Maintain a copy of gross receipts calculation

10 990-N Details  IRS filing administered by The Urban Institute  Computer based  Link to the filing available on the IRS website  After setting up profile, you will receive a confirmation email  Check spam folder if confirmation not received quickly  If notified of rejection, file Form 990-EZ

11 990-N Details  Information Required Organization’s DBA name (Dartmouth Class of XXXX) Mailing address (Blunt Hall) Website (if any) EIN Name & address of principal officer Organization’s Tax Year (June 30, 2014)

12 990-EZ  Schedules required in addition to core form Schedule A (Public Charity Status) Schedule E (Schools) Schedule O (Other information) Schedule B (Contributions) if one or more contributors gave $5,000 or more Schedule G (Fundraising) if special events revenue exceeded $15,000

13 990  Required schedules are the same as for 990-EZ  Form 990 is complex and unique to each group  If required to file, we recommend consultation with a tax adviser.

14 IRS Notices  Failure to file  Missing or incomplete information Missing Schedule A or E Required boxes not checked  Contact Alumni Office or Controller’s Office ( for assistance if

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