Wallace CPA Southlake, TX
Non-profit accounting means tracking donations and spending by purpose, and meeting IRS filing rules for exempt organizations. Wallace CPA helps Southlake, TX non-profits with books, board reports and annual information returns, so records are ready when the filing is due.
Non-profits track money by purpose, report to a board and file public information returns. The books show restricted gifts and program costs separately. See bookkeeping and small business accounting for the basics that carry over.
The IRS says exempt organizations are generally required to file an annual return and that an organization that does not file as required for three consecutive years automatically loses its tax-exempt status. The right form depends on the size of the organization. Check the year's IRS filing page for current thresholds.
The IRS offers a step-by-step process for the application, and filings are done online. Which type of status you seek depends on your purpose. An attorney can advise on legal form and on the application. We cover accounting and tax questions.
Boards usually see a statement of financial position, a statement of activities, a budget comparison and a cash summary. Regular, simple reports help trustees ask good questions. See also internal control help.
General information, not advice for your situation. Talk with a CPA about your own facts before you act.
Ask anything else: call (877) 682-1171.
Read the guideThe small business tax and bookkeeping year, month by monthNo. Exempt status covers certain federal income tax. Other taxes and filings may still apply. Talk to a CPA about your organization.
We can prepare the Form 990-series return for your organization.
We can help with the accounting and tax questions. An attorney can advise on legal form.
No. It is general information. Talk to a CPA about your situation.
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.
