EINs, the IRS, and Your SWE SectionFinance Committee
EINs, the IRS, and Your SWE Section Finance Committee Kristine Barnes, PE FY18 Finance Committee Chair Objectives The Participant will be able to:
Understand what an EIN is and how to obtain one. Explain the difference between Federal Tax Exemption and State Sales Tax Exemption. File necessary paperwork with the IRS to keep their section in good standing. Understand the treasurer's responsibilities for documentation and tax filing. Know how to file the ePostcard with the IRS 2 Agenda Taxes and EINs 990-N / ePostcards vs. 990EZ
Treasurer Responsibilities Submitting an IRS 990-N (e-Postcard) Step By Step ePostcard Instructions Q&A 3 Taxes and EINs EIN Employer Identification Number EIN is also know as a Federal Tax Identification Number Every section should have its own EIN unless you are covered by your University. EINs are required for reporting interest income by the
bank and for the section to be included under the Societys Federal Tax Exemption. DO NOT use the EIN of the Society (13-1947735) DO NOT use the EIN of your University If you are a Professional Section or a Collegiate Section not covered by your University and need an EIN: Complete IRS form SS-4 and mail it to the IRS (see Resources slide for website information). Check with your University BEFORE applying for an EIN Federal Taxes (1) SWE is a 501(c)3 tax exempt organization per IRS regulation. Exemption allows you to NOT pay federal taxes on your
income/interest. In some states, inclusion under Societys Group Exemption will exempt section from state income taxes. Section should check for state specific requirements. Tax Exempt Exempt from Filing with the IRS Federal Taxes (2) Individual Sections are exempt from Federal taxes by 1 of 2 ways: They are included in Societys Group Exemption (501(c)3 Umbrella or Subordinate) and have their own EIN. They are included in their Universitys Exemption and do not
have their own EIN. Contact HQ to confirm sections inclusion in the group exemption. If you have an EIN, you will file with the IRS. If you do not have an EIN, you will not file with the IRS. State Sales Tax
Each state has its own regulations regarding sales taxes. Sections are not automatically exempt from sales taxes. Section must explore particular situation to determine state tax status as forms and process will vary state by state Federal tax status may help obtain state sales tax exemption. Sections are eligible to file for this, but HQ cannot assist you or guide you through the process SWE Currently has an agreement with Texas and Florida that exempts all SWE sections from state sales tax.
Agreements with California and Minnesota are pending. Other agreements may be made in the future. 990-N / ePostcards vs. 990EZ 990-N (e-Postcard) vs. Full 990 / 990EZ All sections not covered by a University EIN:
Must submit filings to the IRS between July 1 st and November 15th If your section has gross receipts <$50,000 (avg. over 3 years) If your section has gross receipts >$50,000 (avg. over 3 years) Submit IRS form 990-N (also called e-Postcard) Submit full IRS Form 990 or 990EZ
If section receives request from IRS for 990 Report and has not exceeded $50,000 3-year average, check appropriate box on form which indicates section does not meet the reporting requirement, sign and return form to IRS. SWE HQ does not complete this filing on the sections behalf: it is the responsibility of YOU, the TREASURER, to file each year The section risks losing the tax-exempt status if not filed every year! Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses.
10 E-Postcard or Form 990 Requirements How to file To electronically submit Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990EZ, use the Form 990-N Electronic Filing System (e-Postcard). All filers must register at IRS.gov prior to filing their next Form 990-N. This is a one-time registration; you wont be asked to register again when filing next year. Form 990-N must be completed and filed electronically. There is no paper form. Take screenshots for future reference.
Form 990-N filers may also choose to file a complete Form 990 or Form 990-EZ instead. If you have trouble filing or encounter website issues, Call IRS Customer Accounts Services at 877-829-5500. A representative will help file your Form 990-N information. 11 Lost EIN / Filing Status Unsure of your Filing Status? If you are not sure of your status, first email finance committee at [email protected]
May then be directed to apply for an EIN and file paperwork with SWE HQ Lost your EIN? Email the finance committee [email protected] first Can also check here, though search mechanism isnt great https://apps.irs.gov/app/eos/mainSearch.do?mainSearchChoice=ePost card&dispatchMethod=selectSearch
12 Treasurer Responsibilities Treasurer Responsibilities Transfer section financial records at the end of each year. Maintain financial reports and tax documents Document Employer Identification Number (EIN)
Document 501(c)3 Status (through SWE or University) Work as a part of your sections executive leadership to ensure financial assets are tracked and protected Ensure Sections IRS filings are complete (EIN up to date) As Treasurer, the following is REQUIRED to be kept on file and transitioned to the new Treasurer: Section/MAL/Region EIN and copy of last years tax forms
OR letter from appropriate official that you are covered by your school 14 Required Paperwork (EVERY YEAR) Professional Sections File your sections epostcard or 990 tax forms
Due July 30th Are you covered under your universitys EIN? Can be filed starting July 1st Due November 15th Prepare and submit the annual financial report to the
Society Collegiate Sections Yes: Do not file tax forms or apply for an EIN No: File your sections epostcard or 990 tax form Between July1st and November 15th
Prepare and submit the annual financial report to the Society Due July 30th Section Reports must be submitted to receive your rebates!! 15 End of Year Transitions
Keep communication open. Continuity helps keep sections healthy. Purpose: Ensure the incoming treasurer has all the information necessary to successfully support the section. Goals: Incoming treasurer is aware of all the treasurer obligations New treasurer has calendar of actions required for IRS and SWE requirements The outgoing treasurer should: Provide key dates by which IRS and SWE actions are required
The incoming treasurer should: Understand their Sections 501(c)3 status Ensure key dates on actions for IRS and SWE are in your calendar 16 Donation Acknowledgement Acknowledgement letters are required for all donations regardless of amount IRSs requirement is anything over $250 Letter must mention no services received or equivalent Some companies will require form W-9 and send section form 1099 with copy to IRS. In-kind donations
Also require acknowledgement and thanks The contributor may ask you to complete IRS form 8283 Noncash Charitable Contributions. Record Retention Hold for Seven Years Deposit slips Officer travel records/reimbursements General Correspondence Section bills and receipts including disbursements to members Bank statements Paid and canceled checks
Accounts receivable records Investment records Grant records 18 Hold Permanently
Year-end financial reports General Ledger and Journal EIN and SS-4 Request Form Copy of the Societys 501(c) (03) Group Exemption Determination Letter from the IRS (circa 1992) Records of any permanently restricted items (such as donor letters) Financial or investment policies Audit reports
18 IRS Resources IRS 501(c)3 Charitable Organizations https://www.irs.gov/charities-non-profits/charitable-organizati ons/exemption-requirements-section-501-c-3-organizations Charity & Non Profit FAQ https://www.irs.gov/charities-non-profits/annual-electronic-not ice-form-990-n-for-small-organizations-faqs-how-to-file Applying for Tax Exempt Status https://www.irs.gov/charities-non-profits/application-for-recog nition-of-exemption Application for EIN Number: Form SS-4
https://www.irs.gov/pub/irs-pdf/fss4.pdf 19 Submitting an IRS 990-N (e-Postcard) What do I need to file? 1. 2. 3. 4. 5. Section EIN
Tax year Sections legal name & mailing address Any other names the Organization uses Name and address of principal officer (Usually Treasurer as they are submitting the filing) 6. Website address if you have one 7. Confirmation that the organizations annual gross receipts (total income) are $50,000 or less (No $ amounts are reported, you simply answer yes when asked) 8. If applicable, a statement that the organization has terminated or is terminating (going out of business) https://www.irs.gov/charities-non-profits/annual-electronic-noti ce-form-990-n-for-small-organizations-what-to-report 21
Step By Step ePostcard Instructions (Screenshots taken in 2017, may vary slightly in future years) How to Submit a 990-N (e-Postcard) Go to the IRS website https://www.irs.gov/ and select Charities & Nonprofits 23 How to Submit a 990-N (e-Postcard) - 2 Select Annual Reporting and Filing 24
How to Submit a 990-N (e-Postcard) - 3 Select the Annual electronic notice (e-postcard) for small exempt organizations 25 How to Submit a 990-N (e-Postcard) - 4 Verify that your section meets the listed requirements Once requirements are verified, select Form 990-N Electronic Filing System (e-Postcard) hyperlink under Ready to file? Scroll Down
26 First Time User How to Submit a 990-N (e-Postcard) - 1 If you are a First Time User (or need to re-register) of the 990-N e-Postcard filing system, select the Get Started button under First Time Users. First Time User 28 How to Submit a 990-N (e-Postcard) - 2
Type in your First Name, Last Name, and your email address, and select the Send Code button You will receive a code within 5 minutes to the email address you provided. That code will expire after 15 minutes. Use a SWE Section Email Address! First Time User 29 How to Submit a 990-N (e-Postcard) - 3
Create Your User Profile and select the Continue button Next page will confirm User Profile Successfully Created, select the Continue button. Note: Document your user profile information for future use on the 990-N e-Postcard filing site. First Time User 30 How to Submit a 990-N (e-Postcard) - 4
For New Users Select the Manage E-Postcard Profile button. First Time User 31 How to Submit a 990-N (e-Postcard) - 5 Select Exempt Organization in the drop down menu and select the Continue button First Time User 32
How to Submit a 990-N (e-Postcard) - 6 Type in your sections EIN and select the Add EIN button Note: Once you select the Add EIN button, the EIN, Organization Name, Date Added should be populated in the Currently Associated EIN(s) table below. First Time User 33
How to Submit a 990-N (e-Postcard) - 7 Select the Create New Filing button. 123456789 123456789 First Time User 34 How to Submit a 990-N (e-Postcard) - 8 Select the EIN and Organization in which you want to file the 990-N for in the dropdown menu and select the Continue button
35 How to Submit a 990-N (e-Postcard) - 9 Answer the appropriate questions using the answers in the dropdown menus and select the Continue button Confirmation of Gross Receipts < $50,000 Society Society of
of Women Women Engineers Engineers Note: the tax year ending, organizations legal name, and EIN should all be auto-populated based on your previous EIN submittal. 123456789
123456789 36 How to Submit a 990-N (e-Postcard) - 10 Fill in the Organization and Principal Officer information and select the Submit Filing button Note: The organizations legal name should be auto-populated at the top. The address should match your sections mailing address. The Principal Officer will most likely be your section president or treasurer (the person submitting the 990-N ePostcard).
37 How to Submit a 990-N (e-Postcard) - 11 You will get a pop-up warning asking if you want to save the data and submit the filing to the IRS. Select the OK button to submit the e-Postcard to the IRS. Note: If you are unsure, select the Cancel button and go back to review your submittal. 38 How to Submit a 990-N (e-Postcard) - 12
You will get a confirmation page summarizing the Form 990-N e-Postcard submittal. PRINT THIS PAGE FOR YOUR RECORDS. You should receive a confirmation of submittal acceptance from the IRS within 24 hours of submittal. KEEP THIS EMAIL 39 Returning User How to Submit a 990-N (e-Postcard) - 1 If you are a Returning User of the 990-N e-Postcard
filing system, enter your username and select the Log In button under Returning Users Returning User 41 How to Submit a 990-N (e-Postcard) - 2 Select the Continue button on the Online Security Information Page Note: this page will show you your most recent login history every time you login. Returning
User 42 How to Submit a 990-N (e-Postcard) - 3 If you are a Returning User, select the Manage Form 990-N Submission button Returning User 43 How to Submit a 990-N (e-Postcard) - 4 Select the Create New Filing button
123456789 123456789 Society Society of of Women Women Engineers Engineers Note: If you are a previous user of the 990-N e-Postcard system, a list of previous submissions will be on this page. If you are a new user, no additional submissions should be listed.
Returning User 44 How to Submit a 990-N (e-Postcard) - 5 Select the EIN and Organization in which you want to file the 990-N for in the dropdown menu and select the Continue button 45 How to Submit a 990-N (e-Postcard) - 6 Answer the appropriate questions using the answers in the dropdown menus and select the Continue
button Confirmation of Gross Receipts < $50,000 Society Society of of Women Women Engineers Engineers
Note: the tax year ending, organizations legal name, and EIN should all be auto-populated based on your previous EIN submittal. 123456789 123456789 46 How to Submit a 990-N (e-Postcard) - 7 Fill in the Organization and Principal Officer
information and select the Submit Filing button Note: The organizations legal name should be auto-populated at the top. The address should match your sections mailing address. The Principal Officer will most likely be your section president or treasurer (the person submitting the 990-N ePostcard). 47 How to Submit a 990-N (e-Postcard) - 8 You will get a pop-up warning asking if you want to save the data and submit the filing to the IRS. Select
the OK button to submit the e-Postcard to the IRS. Note: If you are unsure, select the Cancel button and go back to review your submittal. 48 How to Submit a 990-N (e-Postcard) - 9 You will get a confirmation page summarizing the Form 990-N e-Postcard submittal. PRINT THIS PAGE FOR YOUR RECORDS. You should receive a confirmation of submittal acceptance from the IRS
Changing your Sections Legal Name https://www.irs.gov/charities-non-profits/charitable-organization s/change-of-name-exempt-organizations You must submit a letter to the IRS via Mail or Fax. Internal Revenue Service Exempt Organizations Determinations Room 4024 P.O. Box 2508 Cincinnati, OH 45201 Fax: (855) 204-6184 The letter or fax reporting the change of name must include your organizations full name (both the prior name and the new name)
Employer Identification Number and authorized signature (an officer or trustee) Recommended Legal Name: university/college/section name The individual signing the letter must state the capacity inSWE which section (I.e. Chicago Regional SWE Section) DO NOT USE Society he or she is signing (for example,
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