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Nonprofit Education

2021 Nonprofit Tax Season Checklist

Nonprofit organizations are required to disclose their financials and governance annually by filing the appropriate 990 tax form with the IRS, due no later than 5 months and 15 days after the organization’s fiscal year ends. Both the board and paid tax preparer who file the form are held accountable to report correct information. Review and keep track of the checklist items below to prepare for your annual form 990.

Organization Information

*To locate any of this information visit: https://apps.irs.gov/app/eos/all Search & search using your EIN or organization name

Financial Information

Be prepared to list the following:

  • Assets over $1,000 (current year)
  • Current Board & Highest Compensated Employees
    • For All Paid Employees/Contractors:
      • Amount Paid
      • Copies of W-2/1099
  • Top Program Achievements
  • Grants or Donations Distributed by Organization Donor Details – Any over $5,000
  • Loans provided to or from Board Member

Tips & Tricks

  • Practice good governance! The Board should be reviewing financials quarterly. Whether a board representative assists or you have to hire a bookkeeper, you must make sure bookkeeping records are being properly maintained.
    • Donations are income, money spent toward programs are expenses – everything should be documented!
  • Prepare correct 990 forms! This is based on your income threshold & 501(c) type.
  • 6-month Extensions are available – but MUST be filed before the due date arrives.
  • Know Your 990 Due Date – for EVERY organization is no later than 5 months and 15 days after their FYE, however filing early is encouraged! (The most common FYE is December 31st, making the most common due date May 15th)