Tax Time is Here and You Have Help
By now, many nonprofits have already filed their 990 before the May 15th deadline, but if you haven't filed there are three main reasons why you may choose to file an extension.
1.) You haven’t found the right accounting firm to file your tax return
2.) You need more time to get your accounting on track
3.) You are considering an audit or a financial review for your organization
No matter what stage you're in concerning the your 990 return, it is a topic that cannot be avoided and I strongly recommend that your Board of Directors is involved with the process. Now this doesn't mean they are required to know every single detail about the tax return, but I strongly recommend that your board, or your finance committee, reviews the drafted 990 so they can be involved in this important aspect of your organization.
“An organization is not required by federal tax law to provide a copy of the [990] form to its board or governing body, or to have them review the [990] form before it is filed. However, the IRS believes board review is a fiduciary duty and encourages board members and executives of nonprofits to review and understand what is being filed each year." -Andres Dominguez
Remember, you are not alone in this process and I highly recommend you review my blog post from March 2019 for more 990 consideration.
My last request is that you PLEASE take time to read the BoardSource link below entitled “The Boards Role in Reviewing Form 990 - A Checklist”
