"Form 941, Employers Quarterly Federal Tax Return - DOC"
Nonprofit Compliance: Annual Filing Key documents to renew every year at state and federal levels November 2003 C:\Docstoc\Working\pdf\5d3d6853-9de0-4af1-b5a8-ca51a1d5eb4c.doc Nonprofit Compliance: Annual Filing Key documents to renew every year at state and federal levels IntroductIon Nonprofit compliance is a general term that relates to the many reporting, regulatory and legal requirements by which a nonprofit organization must abide. It encompasses requirements at the federal, state, and local levels. It includes one-time applications, annual filings with government entities, quarterly reporting, and ongoing practices. It touches upon a broad range of organizational functions—from starting your nonprofit, to maintaining your legal status as a 501(c)(3) tax exempt organization, to operating in a legally sound manner. An understanding of nonprofit compliance issues is required in order to successfully start a nonprofit organization and remain in good standing. Failure to comply may result in fines, penalties, and even the loss of an organization’s tax exempt status. C-One, the Center on Nonprofit Effectiveness, has created the Nonprofit Compliance series: I. Nonprofit Compliance: Startup II. Nonprofit Compliance: Annual Filing III. Nonprofit compliance: HIPPA Resources IV. Nonprofit compliance: Payroll and HR (coming soon) About this document Nonprofit Compliance: Annual Filing is a collection of data synthesized from a variety of sources. It was established in response to questions about nonprofit compliance frequently asked by visitors to the C-One Nonprofit Resource Center. The purpose of the document is to direct nonprofits to sources of additional information and resources that may help them comply. The document summarizes requirements for renewing key registrations every year. For each document highlighted, efforts were made to provide the following basic information: What? Brief description of key requirement Who? To which organizations the requirement is applicable How much? Applicable fees When? Applicable due dates More information: Name and contact information for the governing federal, state, or local entity; and online forms, instructions and other information C-One, Center on Nonprofit Resource Center Page 2 The documents highlighted in this communication are: Annual report to the State of Florida Division of Corporations Not-For-Profit Uniform Business Report (UBR) Annual renewal of registration with State of Florida Solicitation of Contributions Registration Statement (DACS-10100) Annual Federal IRS Form 990 Return of Organization Exempt from Income Tax (Form 990) Employer's Quarterly Federal Tax Return (IRS Form 941)—filed four times each year Key documents fIled or renewed annually Annual report to the State of Florida Division of Corporations Not-For-Profit Uniform Business Report (UBR) The Uniform Business Report is a follow up to the Articles of Incorporation filed with the State of Florida’s Division of Corporations when the organization was first established. Incorporation established your organization as a separate legal entity. A corporation protects individuals within the group with limited liability. If anyone sues the group, it normally will be the corporation and its assets which are liable rather than the individual leaders. Nonprofits are required to submit a report annually between January 1 and May 1. Fee: $61.25 (plus optional $8.75 for certificate of status) Tips and resources: Application form: www.form.sunbiz.org/NonProfit_UBR_form.html Mail to: USPS FedEx/UPS/other Couriers Division of Corporations Division of Corporations P.O. Box 1500 409 East Gaines Street Tallahassee, Fl 32302 -1500 Tallahassee, Fl 32399 Phone: 850-245-6059 Annual renewal of registration with State of Florida Solicitation of Contributions Registration Statement (DACS-10100) The Solicitation of Contributions Registration Statement is a follow up to the original registration completed when the organization was first established. Registration is necessary in order for an organization (or individual) to solicit or collect money for charitable purposes in the State of Florida. This applies to charitable organizations, sponsors, professional solicitors, as well as professional fund raising consultants. It does not apply to bonafide religious or educational institutions, government agencies or political groups. It must be renewed annually on the date it was originally filed. C-One, Center on Nonprofit Resource Center Page 3 Fee: For organizations that gross charitable contributions of: $5,000 or less $10 $25,000 or less with no paid officers or fundraisers $10 $5,000- $100,000 $75 $100,000-$200,000 $125 $200,000-$500,000 $200 $500,000- $1 million $300 $1 million- $10 million $350 $10 million or more $400 plus a late fee of $25 per month Tips and resources: Registration form: http://www.doacs.state.fl.us/onestop/forms/10100.pdf Information: http://www.doacs.state.fl.us/onestop/cs/solicit.html Information by phone at 1-800-HELP FLA (1-800-435-7352) Annual Federal IRS Form 990 Return of Organization Exempt from Income Tax (Form 990) IRS form 990 titles “Return of Organization Exempt from Income Tax,” compiles information about an organization's finances, program activities, and board of directors. It is a public document. Anyone may obtain a copy. Most nonprofits need to file a 990 Form with the Internal Revenue Service every year and maintain a copy of your IRS 990 Return in office headquarters for public inspection. All nonprofit organizations with total annual receipts over $25,000 must file. Organizations with gross annual receipts between $25,000 and $100,000 and assets less than $250,000 may file Form 990EZ instead. If your organization's annual gross receipts are normally less than $25,000, you are exempt from this requirement. However, many do anyway in order to avoid being dropped from the public list the IRS maintains. Also, for organizations that gross “unrelated business taxable income” of more that $1,000, or make a “profit,” the organization is required to submit a form 990. 990 Forms must be filed by the 15th day of the 5th month after your organization's accounting period ends (i.e., count from December 31 if you follow the calendar year). If this day falls on Saturday, Sunday or legal holiday, your form must be filed on the following business day. Organization’s can request up to two 3-month extensions. With its attached Schedule A, 990 Forms can total 10 pages long. Failure to file or follow public disclosure requirements, or filing inaccurate information, can result in hefty fines and/or imprisonment. Fees: Late Fees are $20 a day C-One, Center on Nonprofit Resource Center Page 4 Tips and resources: Form 990: http://www.irs.gov/pub/irs-fill/f990.pdf Form 990EZ: http://www.irs.gov/pub/irs-fill/f990ez.pdf Form 990T: http://www.irs.gov/pub/irs-fill/f990t.pdf Schedule A: http://www.irs.gov/pub/irs-fill/f990sa.pdf Schedule B: http://www.irs.gov/pub/irs-fill/f990-ezb.pdf Instructions: http://www.irs.gov/pub/irs-pdf/i990-ez.pdf Employer's Quarterly Federal Tax Return (IRS Form 941) All employers are required to withhold their employees' wage income, social security and Medicare taxes and submit these to the IRS regularly. The IRS Form 941, or the Employer's Quarterly Federal Tax Return, is used to report income, social security and Medicare taxes that are withheld by an employer and social security and Medicare taxes that are paid by an employer. IRS 941 Forms must be filed within 30 days after the last day of each calendar quarter. Failure to file or deposit withheld taxes on a timely basis can result in hefty fines and personal liability for anyone who fails to collect, truthfully account for, or pay any payroll taxes. Tips and resources: Form: http://www.irs.gov/pub/irs-fill/f941_a.pdf Telephone: 1-800-829-FORM. Additional resources Check out the books, manuals, and online resources available in the C-One Nonprofit Resource Center. Ronni W. Bermont Library in the United Way Ansin Building, 3250 SW Third Avenue, Miami, Florida, 33129. Phone: 305-646-7081. Fax 305-860-1604. Email: email@example.com C-One, Center on Nonprofit Resource Center Page 5