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What is the tax liability for a domestic non profit

Customer Question
What is the tax...

What is the tax liability for a domestic non profit corporation in Hawaii?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Community of families created entity for opportunity to raise monies for youth athletes opportunities for national exposure and support potential educational goals.The monies we raised so far were from community volunteering in small and large groups from beach cleanups to manning concessions at sporting events.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The board members have changed since first created in 2014 and now we have just stay at home moms manning corporation in hopes to take care of any tax obligations first. We continue to get conflicting advice on forms to complete/tax obligation Form 990 or Form 1120. But monies raised was not income how do report monies raised?

Submitted: 3 months ago.Category: Finance
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Answered in 16 hours by:
3/30/2018
Financial Professional: bkb1956, Finance Enthusiast replied 3 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,382
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

I apologize for the delay in responding, but your question just became available to me.

Unless you have received tax exempt status from the IRS, your non-profit will file Form 1120.

The 900 series forms are used by nonprofit organizations which are also tax exempt.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Financial Professional: bkb1956, Finance Enthusiast replied 3 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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