IRS Form 990 is an annual tax filing required by the IRS for tax-exempt organizations, including nonprofits. It provides information about your organization’s mission, programs, and finances. Most nonprofits are required to file one of the variations of Form 990 (990, 990-EZ, or 990-N) depending on their financial activity. Filing this form is crucial to maintain your tax-exempt status and ensure transparency with donors and the public.

Preparing Form 990 involves compiling detailed information about your nonprofit’s financial activities, governance, and programs. This includes income and expenses, assets and liabilities, executive compensation, and descriptions of your programs and accomplishments. Accurate 990 tax preparation ensures compliance with IRS requirements and provides transparency to donors and stakeholders. Telos CPAs will guide you through the process, helping you gather the necessary information and accurately complete the form.

Telos CPAs is dedicated to providing meticulous and prompt tax filing services for nonprofits. Our team stays current with the latest IRS regulations and state tax laws affecting nonprofit organizations. We use a comprehensive review process to minimize errors and ensure all filings are submitted before deadlines. By partnering with us, your organization can focus on its mission while we handle the complexities of tax compliance.

Yes, many states require nonprofits to file annual state tax returns or reports in addition to the federal Form 990. State filing requirements vary, so it’s important to understand the specific obligations in each state where your nonprofit operates. Telos CPAs can help manage your state tax filings, ensuring compliance with all relevant state laws and regulations.

Failing to file the necessary tax returns, such as Form 990, can result in significant penalties for your nonprofit organization. The IRS may impose monetary fines, and if your organization fails to file for three consecutive years, it will automatically lose its tax-exempt status. This loss can lead to tax liabilities and negatively impact donor trust and funding opportunities.

At Telos CPAs, we specialize in nonprofit tax services, including accurate and timely preparation of IRS Form 990 and state tax filings. Our experienced team will handle all aspects of your nonprofit tax filing, ensuring compliance with federal and state regulations. We help you navigate complex tax laws, minimize the risk of penalties, and maintain your organization’s good standing with the IRS.

Absolutely. In addition to nonprofit tax filings like Form 990, we assist with the preparation and filing of 1099 forms for your contractors and vendors. Accurate 1099 filing is essential to comply with IRS regulations and avoid potential penalties. Telos CPAs will manage this process for you, ensuring all required forms are correctly filed on time.