Filing Requirements for Nonprofits
Navigating the unique accounting, compliance, and reporting requirements for not-for-profit organizations can be complex. At MaxTax, we understand these differences and are dedicated to providing tailored support to charities and nonprofits. Our experienced team is equipped to assist you with all your bookkeeping, payroll, and tax preparation needs, as well as offer consultation services specific to nonprofit organizations.
Why Choose MaxTax for Your Nonprofit Needs?
We recognize that nonprofits play a vital role in our communities, and it is our professional, civic, and social duty to support these organizations. We partner with an experienced nonprofit auditor to provide comprehensive services, ensuring you receive the best possible assistance in every aspect of your nonprofit’s financial needs.
Understanding Nonprofit Tax Filing
Unlike traditional businesses, nonprofits do not file regular tax returns. Instead, they file an information return known as Form 990: Return of Organization Exempt From Income Tax. This form comes in several versions, including:
Form 990: For most tax-exempt organizations.
Form 990-EZ: A streamlined version for smaller organizations.
Form 990-N (e-Postcard): For organizations with gross receipts under $50,000.
Form 990-T: For organizations that have taxable income.
It’s essential for 501(c)(3) and 501(c)(4) organizations to report both natural and functional expenses when filing a full 990.

Importance of Accurate Filing
Having a knowledgeable preparer is crucial for ensuring the components of the Form 990 are completed accurately and that you stay compliant with annual reporting changes. The Forms 990 are public documents and include substantial financial and operational information. Inaccuracies can lead to the IRS deeming the return not filed, resulting in daily penalties.
The IRS has recently indicated a renewed focus on reviewing returns, particularly for 2019, which highlights the importance of accuracy in your filings. At MaxTax, we are committed to relieving your stress in preparing these returns and will work diligently with you to ensure all information is complete.
Our Services for Charities and Nonprofits
MaxTax offers a range of specialized services to support nonprofits, including:
Preparation and Filing of Forms 1023, 1023-EZ, or 1024: For the creation of your not-for-profit entity.
Assistance with Virginia Charitable Registration Forms: Ensuring compliance with state requirements.
Review and Consultation on 990 Preparation: Guidance on compliance issues and resource management to help you navigate the complexities of nonprofit tax filings.
Contact Us Today! Let MaxTax help you fulfill your nonprofit’s accounting and tax preparation needs with confidence and ease. Our experienced team is here to ensure that your organization remains compliant and focused on its mission. Contact us today to learn more about how we can assist you in achieving your nonprofit goals!