Independent Contractor Tax Rate

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Independent Contractor Tax Rate Powered By Docstoc
					UPDATED FOR 2005-2006
File: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls




                                                                                                  __________________________________
                                                                                                                (Client)

                                                                                                          ______________________
                                                                                                                (Year ended)



                                                                                                   TAX RETURN OPTIMIZER
                                                 Provide the following:

                                                         New Client Only:                     Tax Only Client:

                                                           Prior year tax returns             _____Balance Sheet

                                                           Form 1023                          _____Profit and Loss Statement

                                                           Copy of by-laws                    _____Statement of Functional Expenses

                                                                                              _____Provide list of contributors including government grantors >$5,000
                                                                                                Include name, address, amount of contribution
                                                                                                If non cash contribution (i.e. securities) provide
                                                                                                    description of property given, fair market value of contribution,
                                                                                                    and date received
                                                                                              _____For government grantors also provide telephone no. and contact person

                                                           Check this box to confirm information below on the prior's year tax returns is correct.
                                                           Otherwise, indicate changes below:

                                                                    Official Name:

                                                                    Address:

                                                                    Phone number:

                                                                    Web site:

                                                                    IRS Employee ID #:

                                                                    CA Corp #:

                                                                    State Charity Reg. #
UPDATED FOR 2005-2006
File: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls




                                                 Answer questions below yes or no. If any question answered "yes", see sample worksheet
                                                 for additional information if required. (Not applicable for audit clients if previously provided)

                                                  Yes         No
                                                                     Any rental income?
                                                                     Any sale of assets other than inventory? (i.e.. Securities, building)
                                                                     Any special fundraising events?
                                                                     Any sale of inventory?
                                                                     Any receivables from officers, directors, trustees, and key employees?
                                                                     Any other notes and loans receivable?
                                                                     Any investments?
                                                                     Any fixed assets (land, building, equipment)?
                                                                     Any loans from officers, directors, trustees, and key employees?
                                                                     Any mortgages and other notes payable?

                                                           Prepare a "Statement of Program Service Accomplishments" See Form 990 Part III
                                                                   This is an extremely important section! A summary of the 990 tax return is posted on the web at
                                                                    www.guidestar.com. Your organization can use this return as a way of
                                                                   informing the public and potential funders of your mission and accomplishments.
                                                                                            Identify the amount expensed to provide each program.

                                                 Provide the following payroll/compensation information below:
                                                           # of employees March 31, 2005 (For clients with fiscal year beginning in 2005)


                                                                                                                               Key employees:

                                                                                                                                                                                               Emp. benefits: paid
                                                                                                                                                                                                by organization
                                                                                                                                                                                               (health, pension, etc...)
                                                      # hrs/wk               Position                                        Name                                            Salary                   $ amount

                                                                     Executive Director
                                                                                                                                                               Executive Director's Salary Allocation:
                                                                                                                                                                Program: $__________________________
                                                                                                                                                                General and administrative: $____________
                                                                                                                                                                Fundraising: $_________________________

                                                                     Fiscal Officer
                                                                                                                                                               Fiscal Officer's Salary Allocation:
                                                                                                                                                                 Program: $__________________________
                                                                                                                                                                 General and administrative: $____________
                                                                                                                                                                 Fundraising: $_________________________

                                                                     Other key employees        Provide information above and allocation.

                                                                     Non key employees earning >$50,000 Provide information above without allocation detail.

                                                                     If current or former officers, directors, or trustees compensated provide information above without allocation detail.
UPDATED FOR 2005-2006
File: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls




                                                           Provide a Board List
                                                                   Number permitted to vote



                                                 Yes       No
                                                                   Any current board member, highly compensated employees (>$50,000)
                                                                    or independent contractor related to each other through family or business
                                                                    relationships?
                                                                   Any current board member, highly compensated employees (>$50,000)
                                                                    or independent contractor related to each other through family or business
                                                                    relationships?
                                                                   Does the organization have a written conflict of interest policy?

                                                 If answered yes to above, provide statement and identify individuals, explain relationship between
                                                 organization and other organiztion(s), and describe compensation arrangements, including amounts
                                                 paid to each individual by each related organization.

                                                 Yes       No                                             If any question answered "yes", provide additional information required.

                                                                   Any significant changes to the organization?                                              See our website: Client Area: FAQ technical
                                                                                                                                                              for examples of significant changes
                                                                   Any new program activities not reported to the IRS?                                       Describe
                                                                   Any changes to by-laws?
                                                                   Did the organization have unrelated business income (UBI)> $1000?                         See our website:Client Area: FAQ technical
                                                                                                                                                              for info about UBIT
                                                                   Did the organization undergo any substantial downsizing or liquidation,                   Describe
                                                                      dissolution, termination?
                                                                   Is the organization related (other than with statewide or national org)                   Provide name and whether related
                                                                   through common membership, governing bodies, trustees, officers                           org. exempt or nonexempt
                                                                   to another exempt or nonexempt organization?
                                                                   Did the organization make any direct or indirect political expenditures?

                                                                                                                                                             Provide direct & grassroots lobbying amounts, description
                                                                   During the year, did the organization attempt to influence national, state, or local      of lobbying activities, and any materials published in
                                                                   legislation or ballot measures?                                                           connection with lobbying.




                                                                   If yes to above, has the organization filed Form 5768 (election to make expenditures
                                                                   to influence legislation?)                                                                Provide copy of Form 5768 filed
                                                                   More information on lobbying for nonprofits from the IRS
                                                                   Download Form 5768

                                                                   Did the organization file Form 1120-POL for this year? (Lobbying info)                    Provide copy of this form
                                                                   Did the organization receive any donated services or the use of
                                                                      materials, equipment, or facilities at no charge or less than fair value?
                                                                   Did the organization comply with the public disclosure requirement
                                                                      making their 990 available for public inspection?
                                                                   If applicable, did the organization comply with the quid pro quo disclosure
                                                                      requirement-meaning was the donor informed of the non-deductible                       See our website:Client Area: FAQ technical
                                                                      benefit they received-usually benefit amounts > $75                                      for info about quid pro quo disclosure
                                                                   Did the organization solicit any contributions that were not tax deductible?              If yes, were contributors informed?_____
                                                                   Did the organization own 50% or greater interest in a taxable
                                                                      corporation or partnership?                                                            If yes, provide info on Form 990 Part IX
                                                                   Any tax imposed under Section 4911,4912,4955,4958?                                        See our website:Client Area: FAQ technical
                                                                                                                                                                 for IRS sections
                                                                   Did the organization engage in any section 4958 excess benefit                            See our website:Client Area: FAQ technical
                                                                     transactions?                                                                               regarding excess benefit transactions.

                                                           Provide a description of Program Service Revenue Form 990 Part VII                                See attached worksheet (RevDescrip)

                                                           List compensation of the five highest paid independent contractors for professional
                                                              services >$50,000. Provide name, address, type of service, compensation.
UPDATED FOR 2005-2006
File: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls




                                                 Yes    No                                            If any question answered "yes", provide additional information required.
                                                               During the year, has the organization engaged in the following
                                                                 with any substantial contributors, trustees, directors, officers,
                                                                 key employees, or members of their families, or with a taxable org.
                                                                 with which any such person is affiliated as an officer, director, maj.
                                                                 owner, or principal beneficiary?                                                         Explain transactions and provide amounts
                                                               Sale, exchange, or leasing of property?
                                                               Lending of money or other extension of credit?
                                                               Furnishing goods, services, or facilities?
                                                               Payment of compensation (or payment or reimbursement of > $1000)
                                                               Transfer any part of its income or assets?

                                                               Did the organization make grants for scholarships, fellowships,                         Explain how indiv/org. qualify to receive
                                                                student loans?                                                                           payments and provide a list of recipients
                                                                                                                                                         and amount of payment

                                                               Does the organization have a 403b annuity plan for employees?
                                                               Did the organization receive a contribution of qualified real property?
                                                               Did you maintain any separate account for participating donors where
                                                                  donors have the right to provide advice on the use or distribution of funds?
                                                               Do you provide credit counseling, debt mgt., credit repair or debt negotiation
                                                                  services?

                                                               Any theft, embezzlement or misuse of the organization's funds?
                                                               During the reporting period, were any organization funds used to pay
                                                                 any penalty, fine or judgment?                                                        Describe and provide amount
                                                               During the reporting period, were the services of a professional
                                                                 fundraiser used?                                                                      Provide name, address, and telephone no.
                                                               During the reporting period, was a raffle held?                                         Provide number and dates of raffle/s.
                                                               Do you conduct a vehicle donation program?                                              indicate whether the program is operated
                                                                                                                                                       by the organization, or if a commercial
                                                                                                                                                       fundraiser is contracted.
                                                               Did you maintain any separate account for participating donors where
                                                                  donors have the right to provide advice on the use or distribution of funds?




                                                 We agree that any incomplete or inaccurate information provided to Crosby & Kaneda is our responsibility.




                                                        Signature                                                                                      Title                               Date
                                                                  __________________________________
                                                                                (Client)

                                                                      ___________________________
                                                                                 Tax ID#
                                                                         ______________________
                                                                               (Year ended)


                   Form 990
                   Part I Line 6
                   Rental income

                   Describe type of rent (real estate, equipment, etc.)

                   Gross Rent

                   Less: Rental Expense
                    (ie: utilities, janitorial, etc)


                   Net rental income



                   Check one box only or indicate "N/A" if not applicable:
                                                                  Net rental income or (loss) from real estate from:
                                                                  a.       debt financed property
                                                                  b.       not debt financed property




Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Rent
                                      __________________________________
                                                    (Client)

                                           ___________________________
                                                      Tax ID#
                                              ______________________
                                                    (Year ended)


 Form 990
 Part IV Line 50
 Part IV Line 51
 Receivables




 List receivables separately even if the receivables are from the same individual or organization. Prepare two separate schedules for loans to
 Officers, Directors, Trustees, and Key Employees and loans to others.
                                                                                                                                                                                                  Description and
                                                                                                                                                                                                     FMV of
                                                                       Original                                                                                Security                            Consideration    Balance
                                                                       Amount                                                                                Provided by                           Furnished by      Due at
            Borrower's Name                          Title            Borrowed      Date of Loan    Maturity Date   Repayment Terms        Interest Rate      Borrower      Purpose of Loan          Lender         Year End


 Receivables from Officers, Directors, Trustees, and Key Employees:


 B. Smith                                    Executive Director            25,000        1/1/2002        1/1/2003   In full at maturity                7%   None           College courses       Cash-$25,000        $25,000




 Other Notes and Loans Receivable


                                                                                                                                                                           Interim funding for
 XYZ                                         N/A                  $       10,000         4/1/2002        4/1/2003   In full at maturity                8%   None           child care            Cash-$10000        $ 10,000




Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Receivables
                                              __________________________________
                                                            (Client)

                                                     ___________________________
                                                               Tax ID#
                                                       ______________________
                                                             (Year ended)


        Form 990
        Part IV Line 54
        Investments


        Note: Stocks that are not publicly traded must be listed separately on the schedule. Other securities
        can be listed by category on the same schedule.


                                                                        Book Value
        Nonpublicly traded securites:
         100 shares XYZ common stock                                             4,000
         25 shares BNN common stock                                              2,000
        Publicly traded stock                                                   15,000
        Publicly traded bonds                                                   25,000
        Other publicly traded securities                                       157,000
        U.S. government obligations                                             50,000
        State government obligations                                                 -
        Municipal government obligations                                             -

           Total                                                               253,000

Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Investments
                          __________________________________
                                        (Client)

                               ___________________________
                                         Tax ID#
                                 ______________________
                                       (Year ended)


Form 990
Part I Line 8
Sale of Assets


                                        Date Acquired   Date Sold and to   Gross Sales                          Selling
Description                              and Method          Whom             Price             Cost           Expenses      Depreciation   Net gain (loss)

Securities:
 450 shares TSP, Inc.                       12/94          5/19/2002       $     20,000    $     16,000    $           500                  $          3,500
                                           donation          (N/A)




Other Assets:

Land -15 acres                               3/93           3/2002             1,890,000       1,000,000            50,000                  $      840,000
                                           donation     SSJ Developers

Capital gain dividend from
  RJ Mutual Funds                             N/A             N/A                 2,478         N/A              N/A                             N/A

Office Furniture                             3/93             1/01                  700           3,300                             2,300               (300)
                                           purchase         S. Parks
                                                                                                                                            $      839,700

    Total                                                                                                                                   $      843,200




Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Sale
                                       __________________________________
                                                     (Client)

                                           ___________________________
                                                     Tax ID#
                                             ______________________
                                                   (Year ended)


 Form 990
 Part IV Line 63
 Part IV Line 64
 Loans




 List loans separately even if the loans are to the same individual or organization. Prepare two separate schedules for loans to
 Officers, Directors, Trustees, and Key Employees and loans from others.
                                                                                                                                                                                                  Description and
                                                                                                                                                                                                     FMV of
                                                                         Original                                                                                Security                          Consideration     Balance
                                                                         Amount                                                                                Provided by                         Furnished by       Due at
             Borrower's Name                     Lender's Title         Borrowed     Date of Loan    Maturity Date   Repayment Terms         Interest Rate      Borrower       Purpose of Loan       Lender          Year End


 Loans from Officers, Directors, Trustees, and Key Employees:


 B. Brown                                    Board Treasurer        $       50,000        1/1/2002        1/1/2003   In full at maturity                 7%   None           Provide temporary   Cash-$50,000        $50,000
                                                                                                                                                                             operating funds

                                                                                                                                                                                                  Description and
                                                Relationship to                                                                                                                                      FMV of
                                                Officer, Trustee,        Original                                                                                Security                          Consideration     Balance
                                                Director, or Key         Amount                                                                                Provided by                         Furnished by       Due at
             Borrower's Name                       Employee             Borrowed     Date of Loan    Maturity Date   Repayment Terms         Interest Rate      Borrower       Purpose of Loan       Lender          Year End

 Other Notes and Loans Payable

                                              Mother of Executive                                                                                                            Provide temporary
 S. Smith                                          Director         $       10,000        7/1/2001        7/1/2002   In full at maturity   None               None           operating funds     Cash-$10,000        $ 10,000

                                                                                                                                                              Security
                                                                                                                     $280 per month                           interest in
                                                                                                                     for 36 months                            office         Purchase office     Office equipment-
 KTF Office Leasing                          N/A                    $       10,000   6/1/01          12/1/04         beginning 1/1/02      None stated        equipment      equipment           $10,000             $ 10,000




Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Loans
                                         __________________________________
                                                       (Client)

                                              ___________________________
                                                        Tax ID#
                                                ______________________
                                                      (Year ended)


 Form 990
 Part IV Line 57
 Fixed Assets


                                                                                    Depreciation                       Accumulated       Depreciation    Net Book
                Description                     Date in Service     Cost              Method             Years         Depreciation       Expense         Value


 Land                                                1998             25,000   N/A                 N/A               N/A               N/A                   25,000

 Building                                            1998             90,000   SL                  39 yrs                      6,900             2,300       80,800

 Furniture                                           1998              6,500   SL                                7             2,725               900        2,875

 Copier                                              1/99              1,200   SL                                5               470               240         490

 Computer                                            1/00              7,560   SL                                3             2,520             2,520        2,520


                                                                     130,260                                                  12,615             5,960      111,685




Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Fixed Assets
                                                        __________________________________
                                                                      (Client)

                                                             ___________________________
                                                                       Tax ID#
                                                               ______________________
                                                                     (Year ended)


                    Form 990
                    Part I Line 9
                    Special events and activities

                                                      THREE LARGEST EVENTS BY GROSS RECEIPTS
                    If more than three events occurred, provided summary of other events including type (ie. Raffle, luncheon) and number ( two raffles)

                    Fundraising Event:                          1                            2                 3


                    Gross receipts                      $           200,000

                    Less: contributions                              25,000

                    Gross revenue                                   175,000 (a)

                    Less: direct expenses                            35,000 (b)

                    Net income (loss)                               140,000


                    (a) Amount of event admission that is not tax deductible X attendees
                    (b) Cost of food, entertainment, green fees -- not cost of obtaining contributions --e.g.publicity (reported as fundraising expense)


                    Description of each event:

                    1. A raffle was conducted during September. In return for a minimum donation of $20, donors
                    received a chance to win a trip for two to Hawaii (donated by a local travel agency).
                    2.
                    3.
                    4. (All other events: )


Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Fundraising
                                              __________________________________
                                                            (Client)

                                                     ___________________________
                                                               Tax ID#
                                                       ______________________
                                                             (Year ended)


   Form 990
   Part I Line 10
   SaIe of Inventory

                                                                               Activity 1     Activity 2

   Description of activity                                                Book Sales

   Gross sales                                                             $        40,000

      Less: Returns and Allowances                                                    (500)

   Net Sales                                                                        39,500

   Less: Cost of goods sold                                                        (23,000)

   Gross profit or (loss)                                                  $        16,500




Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: Inventory
                                             __________________________________
                                                           (Client)

                                                 ___________________________
                                                           Tax ID#
                                                   ______________________
                                                         (Year ended)


      Form 990
      Part VIII
      Relationship of Activities to the Accomplishment of Exempt Purposes


      Explain how each activity for which income is reported in column (E) of Part VII contributed
      importantly to the accomplishment of the organization's exempt purposes (other than by
      providing funds for such purposes).

      Tuition Revenue                                Tuition revenue received by an educational organization in exchange for
                                                     educational programs provided to students.

      Dues Revenue                                   Dues revenue received by a trade association in exchange for
                                                     membership benefits.




Filename: 45acf016-8680-4b57-9a60-d3bc4394c8e1.xls
Sheet: RevDescrip

				
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Description: Independent Contractor Tax Rate document sample