Other Pages in Bookkeeping & Quickbooks

• Bookkeeping & Quickbooks Services

• Business Planning
• • Business Planning Resources and Links
  • Business Plans and Financing Proposals
  • Sample Business Plan Outline
  • Strategic Planning and SWOT Analysis
• Employee and Subcontractor Information
• • Employee vs. Subcontractor: What’s the Difference & Why You Should Care
  • Help Paying for Health Insurance Through the Insurance Partnership
  • What’s the Massachusetts WorkShare Program?
  • What's the Real Cost of an Employee?
  • IRS - Independent Contractor or Employee
  • MA - Unemployment Insurance Guide for Employers
• Nonprofit Information
• • Cost Allocation for Nonprofits
  • The New Form 990: What Does it Mean for Smaller Nonprofits?
• Tools and Resources
• • Bookkeeping Resources and Links
  • Bookkeeping Task List
  • Frequently Asked Bookkeeping Questions
  • Jo Landers Bookkeeping Clients
  • Tax Saving Tips for Married Gay Couples

See also Payroll Services

Core Sections of the New IRS Form 990 for Nonprofits

All organizations will need to complete all of the core sections.

• Part I: Summary - information regarding the organization's mission, activities, and current and prior year's financial results.
• Part II: Signature Block - which contains the signature of an officer of the organization and, if applicable, paid preparar
• Part III: Statement of Program Service Accomplishments - reporting of new, ongoing and discontinued exempt achievements and related revenue and expenses
• Part IV: Checklist of Required Schedules - used to determine which schedules must be filed with the 990, based on questions related to various activities an organization may engage in.
• Part V: Statements Regarding Other IRS Filings and Tax Compliance - to report compliance with other tax reporting and substantiation requirements, including employment taxes, backup withholding, unrelated business income, contributions, donor advised funds, etc.
• Part VI: Governance, Management, and Disclosure - information about the organization's governing body and management, policies and procedures, and disclosure practices, including number of voting members, whether or not there is a review process for determining compensation, a conflict of interest or whistle blower policy, how policies are monitored and enforced (some actual policies must be described in Schedule O), whether or not the organization maintains records of its board and committee meetings, etc.
• Part VII: Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors - to report compensation paid such persons by the organization or related organizations that is reported on Forms W-2 and 1099-MISC (regardless of the fiscal year), and certain other compensation
• Part VIII: Statement of Revenue, Part IX: Statement of Functional Expenses, Part X: Balance Sheet - the financial statements. This is probably the only section that the average individual would think of as a tax return.
• Financial Statements and Reporting - to report information regarding accounting methods and compiled, reviewed or audited financial statements.