Expert Non-Profit Tax-Exempt Services – Managing a non-profit’s tax-exempt status requires precision, compliance, and expertise. At Metro Accounting & Tax Services, we specialize in helping non-profits achieve and maintain their tax-exempt status. By handling IRS reporting and compliance, we allow organizations to focus on their mission.

IRS Reporting: What’s Required

Each year, the IRS mandates most tax-exempt organizations to submit the Form 990. This includes detailed financial disclosures:

1. Income Statement: Categorizes revenue and expenses such as donations, salaries, and rent.
2. Balance Sheet: Highlights assets and liabilities, including cash and accounts payable.
3. Functional Expense Statement: Allocates costs among program services, fundraising, and operations.
4. Individual Program Expense Statement: Tracks costs for specific programs like seminars or educational initiatives.
5. Revenue Support Schedules: Breaks down income sources like charitable donations and membership fees.

The IRS relies on these specific classifications to confirm an organization’s tax-exempt eligibility. A well-structured accounting system built around these classifications is vital.

Beyond reporting, we provide a range of services to streamline non-profit operations.

Comprehensive Non-Profit Financial Services

Our team delivers expert solutions tailored to non-profits:

• Financial Statement Preparation: Review and compile accurate financial statements.
• Accounting System Setup: Design, install, and maintain systems aligned with IRS requirements.
• Payroll Services: Manage weekly, bi-weekly, or monthly payroll and tax deposits.
• Personnel Training: Equip your team with accounting skills and financial statement comprehension.
• Tax Form Preparation: Ensure accurate and timely filing of 990 and 990T forms.
• Board Training: Educate your board on budgeting and financial best practices.
• Start-Up Assistance: Navigate incorporation, obtain an FEIN, and set up payroll with federal and state agencies.
• Church-Specific Services: Prepare pastoral housing allowances and required dual-status documentation.

For organizations starting fresh, we simplify the 501(c)(3) application process.

Starting a Non-Profit? We’re Here to Help.

Preparing your organization’s 501(c)(3) application involves compiling essential documentation, including:

• Articles of Incorporation: Must include an Exempt Purpose and Dissolution Statement.
• Employer Identification Number: Essential for federal and state filings.
• By-Laws and Meeting Minutes: Reflecting governance structure and operational history.
• Board Member Details: Names, addresses, and resumes of active members.
• Financial Records: Past revenue and expense statements or as far back as available.
• Mission Statement and Activities: Detailed descriptions of your purpose, operations, and programs.
• Support Documentation: Revenue sources, fundraising details, and contracts.

We can assist in preparing these items to ensure a seamless application process.

Ensuring compliance and stability allows your organization to focus on making an impact.

Partner With Metro Accounting & Tax Services

Non-profit organizations face unique challenges in maintaining their tax-exempt status. With our expertise, you can navigate IRS requirements confidently. Let us handle the financial complexities so you can focus on your mission. Request a free consultation today to secure your organization’s financial future.