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Re: 3 tax questions
Jim Mahoney (jmahoney@JOBWEB.ORG)
Tue, 27 Apr 1999 14:04:36 +0000
> 1. Our Treasurer has been told by HR Block, that if our checking
> account has over $$$ in DEPOSITS (I'm sorry, I cannot remember the
> figure although it was rather large) than even as a non-profit, with
> a correct tax exempt id, we would be required to file form
> ######????(you don't expect me to remember this number do you?) It
> is supposed to be a federal, not state form.
The form is a Federal 990 information return filed by nonprofit
organizations with in excess of $25,000 in annual income. The due
date is 4.5 months after the year end of the organization.
>
> 2. For years I have "heard" that a units accounts should equal "0"
> at the end of its fiscal year. That your accounting should show a
> zero balance. I have never seen this happen. Nor have I seen it (As
> I so Like to express):) in writing
Non profit doesn't have to mean "broke". Your excess is a surplus
from operations. It is generally not taxable unless you have be engaging in
business activities
> 3. Can anyone tell me what a units "Fiscal year" is? Is it charter
> year? Is it calendar year? Is it the same as our councils fiscal
> year?
You can check your employer ID number with the IRS. When you got
the number you stated what your fiscal year was. It is usually a
natural business year for the organization. For example,
educational organizations usually have a fiscal year that ends in
June. Your fiscal year would generally be the same as your charter
organization fiscal year.
Is your troop using a seperate employer ID number or is it the same
as your charter. If it is the same your activity can be merged in on
your chartering organization's 990. If your ID is different, you have
to file your own return.
Jim Mahoney
ASM and CPA
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