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ExpressTaxExempt Blog

Thursday, June 4, 2015

Record-Keeping & Form 990 Schedules

It should be no question that your tax-exempt organization must comply with the IRS tax rules and, to do so, you must keep books and records documenting sources of receipts and expenditures that are reported on your annual return and any other tax returns that are filed. Even if you file a return or not, these records must be managed and validate

  • Activities conducted
  • Income received
  • Expenses incurred 

The IRS inspects returns from organizations and there must be records that back up the items reported. With a complete set of records, the process can be done more smoothly.

When filing a Form 990, these records are described as a variety of disclosure and compliance requirements called Schedules; in a nutshell, Schedules

  • Vary depending on your type of organization.
  • Have specific titles and require assorted sets of information.
  • Provide the IRS with specific information about your organization’s activities.

The facts needed to complete these forms are the same records that support income, expenses, and credits reported on your tax-exempt organization’s annual tax returns. So, they should be carefully recorded and filed within your organization’s archives throughout the tax year.

Express990 makes it as simple as possible to fill out Form 990 schedules. For a complete list of Schedules that you may need to complete, check out http://www.expresstaxexempt.com/form-990-schedules/

You can also contact the Express990 Support Team via phone: 704-839-2321 or email: support@expresstaxexempt.com for any questions or assistance about e-filing a Form 990 and Schedules with Express990.


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