IRS Form 990 Misconceptions | IRS Form 990 Preparation

Form 990 | Common Errors and Misconceptions

Published on by Paula Hume, Lynn Meiser, in Not-for-Profit, Video


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Our top non-profit tax pros unpack common errors and misconceptions they see in non-profit tax Form 990 filings, how to avoid issues that can negatively affect your non-profit – and how the Form 990 can serve as a tool to help your organization tell its story and reach a broader audience of potential donors.

In this video, Paula Hume and Lynn Meiser dig into common misconceptions and errors when preparing the Form 990, which is an informational tax return for non-profit organizations. The key points are:

  • The Form 990 is more than just a financial return – it provides information on the organization’s governance, mission, and accomplishments. It can be a tool for increasing transparency and building credibility with donors.
  • For fiscal year-end organizations, reporting compensation and donations can be challenging due to differences in calendar year and fiscal year reporting.
  • The section on the organization’s accomplishments should be used as a marketing tool to tell the organization’s story clearly and consistently.
  • The section on officers, directors, key employees, and highly compensated individuals is complex, with specific requirements for reporting titles, start/end dates, and all forms of compensation.
  • Transparency and accurate reporting are essential, as the Form 990 is publicly available information.

Interested in getting more from your Form 990 filing? Our top non-profit tax pros are here to help. Contact us today to set up a free consultation. And you may also be interested in the latest edition of our Non-Profit Toolkit – jam-packed with resources to help you make the most of every resource. Our Non-Profit Compensation and Benefits study also can help you create a roadmap for attracting and retaining top talent. With data collected from organizations of all sizes throughout our region, it’s a goldmine of vital information. Get your copy now!


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