Are You Using the Right Forms?

January 26, 2012 Posted by The Law Firm for Non-Profits, P.C. in News, Taxes

Government agencies often update their forms without providing much notice. It is important that someone in your organization check regularly (at least annually, ideally more frequently) to ensure the organization is filing using the most up-to-date forms available. Failure to use a current form can result in rejection of the filing and late filing penalties.

The California Secretary of State and Franchise Tax Board have each issued new forms for 2012 that are important to nonprofits. The Secretary of State has instituted a new Statement of Information for nonprofit corporations. Be sure to use this new form when your organization files its next Statement of Information. Alternatively, and to ensure that your organization always uses the most current Statement of Information, it can be filed online.

The Franchise Tax Board has issued new Exemption Application forms. Nonprofits that have been recognized as tax-exempt by the IRS under 501(c)(3) may use the revised Form 3500A. All other nonprofits operating in California (including churches and other religious organizations that have not applied for IRS recognition) must use the new version of  Form 3500. There’s also a new instruction booklet for Form 3500.

NOTE: The information contained herein is not intended to be legal advice and the reader should know that no Attorney-Client relationship or privilege is formed by the posting or reading of this article which is also not intended to solicit business.

Casey Summar, Partner, The Law Firm for Non-Profits,1812 W Burbank Blvd, #7445, Burbank, CA 91506

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