Should You Use Excel for Nonprofit Bookkeeping?

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  • Опубліковано 30 вер 2024

КОМЕНТАРІ • 9

  • @MaryannHites
    @MaryannHites 2 місяці тому

    Are you going to update due to the change of the 990EZ going to the postcard mode?

    • @NonprofitTaxHelp
      @NonprofitTaxHelp  2 місяці тому +1

      I'm not sure what you are asking. The 990-EZ has not changed. The postcard 990-N and the 990-EZ are two entirely separate forms with different filing thresholds. An organization has to keep track of its income and expenses regardless of the type of return it files. Excel is a great way to create a summary of income and expenses. Let me know if you think I've misunderstood what you are asking.

    • @MaryannHites
      @MaryannHites 2 місяці тому

      @@NonprofitTaxHelp Thank you for your answer. I did not know there was a difference and we were to file both forms. Being new, I was instructed to go through the 990-N checklist and if our organization made less than a certain amount, the 990-N was all we needed to fill out (and that was the ONLY form. That is why I asked about the update; which is obviously not needed because it is updated). My organization was established late 2022. Since I have been doing it incorrectly (sort of), how do I go back two years to file a 990-EZ & a year for 2022 for the 990-N?. (My accountant is no longer with us and I am having to figure this out). Thank you!

    • @NonprofitTaxHelp
      @NonprofitTaxHelp  2 місяці тому +1

      @@MaryannHites If gross receipts are normally $50,000 or less, you would be eligible to file the 990-N electronic postcard. You only file one form. Either a 990-N, a 990-EZ, or a Form 990. You should not file both a 990-N and a 990-EZ. If your organization uses a December year end, the first return due would have been for 2022. It was due May 15, 2023. If you were eligible to file a 990-N, I wouldn't worry about it. There is no penalty for failing to file a 990-N for one year. I recommend that you determine which return you are required to file for 2023 and get that one done right. Here's a video that might be helpful: ua-cam.com/video/E8VBtMrEcOc/v-deo.htmlsi=sHkpDv4GOj2dGRo1

    • @NonprofitTaxHelp
      @NonprofitTaxHelp  2 місяці тому

      @@MaryannHites The nonprofit returns must be filed electronically. Many people use this software: www.tax990.com/ I have used it and it works fine. I have no relationship with that company.

    • @MaryannHites
      @MaryannHites 2 місяці тому

      @@NonprofitTaxHelp Our gross receipts are < $50,000, so I filed 990-EZ after our "official" notice of 501 c status this Spring. I did not file for 2022 although our status was backdated to Nov 2022. Should I still file a 990-EZ for 2022? Thank you for the Tax 990 website; VERY helpful, just as you have been!

  • @dangerousdonnafit
    @dangerousdonnafit Рік тому +2

    Your videos and your help are awesome