Last week we had our first Facebook live class. We are planning on classes that cover a wide variety of fields, including Human Resources, Payroll, Taxes, Business Development, Information Technology, and QuickBooks®. Make sure to like and follow our Facebook Page to stay up to date with all the upcoming classes.
The deadline for tax-exempt organizations is coming up soon, May 15th. We received an article from the IRS regarding Tax-exempt organizations and wanted to take this opportunity to remind you of important factors to take into consideration when it comes to filing Form 990 for these organizations.
What you need to know:
1. Loss of Tax-Exempt Status: Any organizations that do not file annual reports for three straight years will lose their exempt status so it is important to always file. The 2007 Pension Protection Act requires most tax exempt organizations to file Form 990 with the exception of Churches and Church related organizations.
2. NO Personal Info! Do not include personal information such as social security number, information about donors, clients, or benefactors. This could give rise to identity theft since these forms are often made public.
3. File Electronically Whenever Possible: This reduces the risk of including SSNs and other personal information. E-filing also makes the process smoother and quicker with the IRS receiving your information.
4. What to file? Any organizations with an average annual gross receipts of $50,000 or less will file an electronic notice Form 990-N. Organizations with more than $50,000 will file Form 990 or 990-EZ. Private organizations will file 990-PF. If you need to file a six-month extension for your organization, use Form 8868.
5. Check Tax-Exempt Status: The IRS publishes the list of organizations that have lost their tax-exempt status for failure to file for three years. Any organization that wants to have their status reinstated must pay any fees and file an application. To check a status, visit Select Check.
Our staff at Business Resource Partners is knowledgeable in all aspects of tax preparation, our Enrolled Agent is able to represent you to the IRS if needed and we are happy to help with tax preparation, filing and planning.
Call to make an appointment (321) 236-2771 or stop by our office, we look forward to serving you! 310 Almond Street Clermont, FL 34711
What does this mean for you?
- You will need to upgrade to the latest version of QuickBooks as soon as possible if your products are being affected by this change.
- Access to the following will no longer be available after May 31st: Desktop Payroll Service, Live Support, Online Backup, Online Banking, etc.
- QuickBooks will notify affected customers in advanced by mail or e-mail. Keep an eye out for any additional information or updates that may affect you.
|Fully Supported Products||Products & Services to be discontinued after May 31, 2017|
|QuickBooks Desktop Pro & Premier ’15, ’16, ’17||
QuickBooks Desktop Pro & Premier 2014
(General Business, Contractor, Manufacturing & Wholesale, Nonprofit, Professional Services, and Retail)
|QuickBooks Desktop for Mac ’16, ’15||QuickBooks Desktop for Mac 2014|
|QuickBooks Enterprise Solutions ’17, ’16, ’15||QuickBooks Enterprise Solutions 14|
|QuickBooks Desktop Accountant ’15, ’16. ’17||QuickBooks Premier Accountant Edition 2014|
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Business Resource Partners is updated with the latest version of QuickBooks online & Quickbooks Proadvisor for all years and versions. Our knowledgeable staff is ready to help with your QuickBooks Desktop or QuickBooks online needs. Give us a call to schedule an appointment or stop by our office! (321) 236-2771
310 Almond Street Clermont, FL 34711