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I would like to amend a 990 tax return from 2009. I current…

I would like to...

I would like to amend a 990 tax return from 2009. I current have 2010 to 2017 to do. (Retroactively, they were not filed) #1 in 2009 there an asset omitted from Part X balance sheet #2 the pervious now deceased accountant, took the difference from the Undivided earning to force balance. #3 there was one asset overstated by $9 and another overstated by $1,000. All were included in the forced balancing. Should I amend 2009, or complete 2010 with the correct figures and add a note as to why they differ for the previously filed 2009 990's figures? Also I wanted a copy of the 2009 990 and they said they don't have it, they don't retain files that long. I retrieved the 2009 from a 3rd party site. It was a photo copy and it had the manager's real signature.

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Customer reply replied 1 month ago
To clarify, the IRS told us that they do not keep files as far back as 2009.
Answered in 32 minutes by:
3/9/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,029
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Hey! I'm Carter, I'm a CPA and can help you with this.
I would not amend 2009. I would start with 2010 and make the changes going forward. That will give you a much easier way to handle it. Plus the differences don't seem very material.
The 3rd party site (I'm assuming GuideStar) has the actual copies of the returns so you are fine using that as your starting point.
Let me know if you need anything else. If not, please leave a rating. Thanks!
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Customer reply replied 1 month ago
The omitted asset was $5,500 plus the additional overstatements, I didn't list them all. When I used the data from the previoiusly filed 990(2009), the difference in the net asset/fund balance is $7,189. But when I use the Income statement from 2009 to complete the 2010 990, there is only a differece of $1 (rounding error). Also on a side note, how to I report rounding errors on the 990? or do "I" have to force balance?
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,980
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane. I am a different expert.

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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I'm reviewing your question now and typing up my reply.

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Although I agree with the spirit of the previous answer - that a return from 9 years ago is not going to play into anything that IRS might question. and hat you should begin your filing process with 2010 ...

...

The best practice, when you have better numbers to use as your foundation, is to do the 2009 990 FOR YOURSELF, using numbers as accurate as possible (as it sounds like you have) and then use to prepare and file the returns.

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When IRS questions, (or i'm guessing you've spoken already and are doing this in an effort to reinstate) the numbers you've pulled together will stand the reasonable person and substance over form tests.

...

What, exactly, is your objective here ... provide some context if you would...

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Customer reply replied 1 month ago
How should I complete 2010?
#1. Amend 2009 and use the accurate numbers to complete 2010? or
#2 Complete 2010 with the correct number and not amend, but explain why they are different, from the previously filed 2009.
#3 Complete 2010 with the erroneous number and add a note as to why there is a $7,189 difference in net asset/fund balance.
Customer reply replied 1 month ago
1 and # 2 there is a fund balance difference of $1.
Customer reply replied 1 month ago
How should I complete 2010?
#1. Amend 2009 and use the accurate numbers to complete 2010? or
#2 Complete 2010 with the correct number and not amend, but explain why they are different, from the previously filed 2009.
#3 Complete 2010 with the erroneous number and add a note as to why there is a $7,189 difference in net asset/fund balance.#1 and # 2 there is a fund balance difference of $1
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
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Hi, my name is ***** ***** welcome to Just Answer.

Being that there's no "X" form for the 990, the only way to amend a form 990 is to create a new one. You don't just replace the erroneous numbers; you actually create an entire new form, as if you'd never filed one. File it with a note that it amends the original 990 for that year, although the IRS may not know what to do with a nine year old form 990! But at least your records will be in order.

Then prepare the subsequent returns in chronological order.

Have you received a notice of revocation of your tax exempt status? These generally are mailed automatically after an exempt organization misses three consecutive 990 filings, by virtue of a CP120A Notice. If you aren't certain, then make sure you check the automatic revocation list. Here's the link:

https://apps.irs.gov/app/eos/

You also want to make sure you are in compliance with your state reporting as well. Most states will accept your form 990; others have their version. For example, CA has several different forms and government entities you have to deal with; the basic exempt organization form is the state version of 990, numbered 199.

Remember that the IRS and the state agencies "talk" with each other constantly. If one takes any type of action, the other will be right behind it. So check with both the IRS and your state when checking into possible revocation.

Hope that answered your question. If so, please don't forget to rate this answer. You can always return here with follow up questions on this topic at no additional charge. And thank you for using Just Answer.

James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 327
Experience: 24 years of continuing education and experience.
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