McAllen Texas Form 990 (Schedule K) 2024-2025

McAllen Texas Form 990 (Schedule K): What You Should Know

The goal of the new Form 990 and subsequent schedules is to  provide a single place for nonprofit organizations to complete information they need to accurately state and  report on the activities and operations of their various entities. I. The new Schedule K (Form 990) is an annual required Federal income tax return that all nonprofits that are tax-exempt under Section 501(c)(3) of the IRS code are expected to complete and provide to their tax authorities. (If You Are Not Tax E filer, Please Contact your attorney or government agency as there are laws to consider in  doing tax planning as well as possible penalties that may come  with  nonprofit tax planning. To avoid the risk of running afoul of tax return filing and reporting requirements, we recommend that  you complete the following important portions from your new Schedule K by April 21st 2017: You are required to file and accurately state your organization's total gross receipts and expenses on Schedule K. If you are not a person or corporation, it is crucial to verify your gross revenue so that you can determine the amount of taxes that you are required to pay and the basis for those taxes. Before your organization can calculate its gross receipts/expenses, it must have a complete understanding of the sources of revenues and expenses. The following areas of expenses must be itemized and reported on the first page of your Schedule K: 1. General Expenses that primarily result from regular business activities and not self-employed professional activities. 2. Professional Expenses Salaries, wages, and salaries paid by the organization to staff or related professionals to do its work for them. This may include: a. Employees of the organization who do not do business with other nonprofits, who report business income on their own tax returns. b. Employees of the organization who work for third parties of which they are the primary contractor or are engaged exclusively for a fee. c. Contractors paid for the organization's own product or service.  3. Rent and Lease Expenses for the purchase, rental, repair and maintenance of certain office, rental, and/or storage space.

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