At Icon Systems we are always looking out for our clients and wanted to pass this information on to you. Does your current software provide the right financial reports for the IRS? Ask the 3,000 organizations in Orange County, CA that lost their tax exempt status and it came down to not filing their financial records with the IRS. Small organizations are not exempt from this reporting requirement anymore as many believe. The IRS has revoked approximately 325,000 non profit tax exempt organizations this year alone. It will only get worst when non-profit organizations use sub-standard accounting packages that do not provide accurate reports based on the fund accounting standards. These standards are provided by the FASB organization and specifically written in the FAS 95, 116, and 117 regulations. Please see a more in depth discussion with the church accounting software guide about these guidelines.
Why Church Accounting is Important – Do Not Lose your Tax Exempt Status!
This entry was posted on Monday, August 22nd, 2011 at 9:37 PM and tagged with accounting, church software, CPA, FASB, fund, fund accounting, IRS, multisite, payroll and posted in Fund Accounting. You can follow any responses to this entry through the RSS 2.0 feed.
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