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Tax related question... I am working on a few tax returns…

Tax related question... I am...
Tax related question... I am working on a few tax returns for a non-profit organizations. 1. Does non-profit organizations such as a little league baseball team and a church require the filing of a form 940? 2. Does both require the filing of a "franchise tax report" for the state of Texas as well?
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Answered in 13 minutes by:
3/11/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,801
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Has either organization been granted tax exempt status by the IRS?

Non profit does not mean tax exempt.

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Customer reply replied 1 month ago
They both are tax exempt and have been recognized by the state

If they have been granted tax exempt status by the IRS, Form 990 or 990-EZ is required to be filed.

As to Texas, because you have tax exempt status, you will file with the Secretary of State a Periodic Report every four years with a $5 fee.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
The church has received a letter from the IRS stating that a 940 for 2017 is missing and needs to be filed because of unpaid taxes. The 941 has already been filed. I'm concerned that maybe something is messed up and needs to be fixed.
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Customer reply replied 1 month ago
The FUTA, which is the 940. I wasn't aware that a church has them. Seems confusing.. Since they file the 941 to report wages quarterly is the IRS implying that a 940 is required annually?

That's correct. The 940 is an annual return.

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Customer reply replied 1 month ago
I'm trying to understand whether or not the process is correct. In the beginning for example should the accountant have been using the 990 or the other process for the 940 and 941? It is a tax exempt organization which most churches are. The church has several employees. Some of them receive a W2 and others receive a 1099. Because of that the 941 is reported quarterly. However I'm not certain as to whether or not the 940 is required or if there was a mistake years ago and now we're stuck. lf we're required to file the 940 it may be that we need to go back and do reports for 2016 and 2015 as well. Please advise.

The 990 is the income tax return for the organization.

Form 941 is the quarterly return regarding payroll.

Form 940 is the annual FUTA return which must be filed when you have employees.

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Customer reply replied 1 month ago
I think I've got it now. So the 990 is required annually as well? Thanks for your patience.

Yes.

It's been my pleasure.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,801
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your weekend.

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