More Fun Changes to the 990, with love, the IRS
It is just coming into spring, and as with daylight savings time, the IRS is jumping ahead with several new reporting details for the 2013 990, the annual tax-exempt return. While many organizations under the section 501 of the tax code don’t have to pay taxes per se, the pound of flesh is exacted by additional disclosures on many parts of the return. Click here for the actual list by section from the IRS. The changes include changes in language, additional details and reports about expenditures and income.
I can hear the collective, virtual sigh across the nation. For sure, some of these changes will probably not affect a lot of us, such as the renaming of the region of Russia and surrounding areas, but there are other updates that will affect both accounting and recordkeeping ( the short version: keep good books, write EVERYTHING down). The additional work the return will require more time and attention, and possibly outside expertise. If you have an accountant or CPA firm, no doubt they will be aware of the new questions and be prepared to deal with them, but for everyone else, do take note.
Forewarned is Forearmed
The IRS can be an implacable adversary; there are tons of them and only a few of you. Save time and energy and joy in your life: be aware that this annual tradeoff for not paying income tax on what you raise, and allowing your donors a deduction for what they give, is going to be a little more costly this year.