When it comes to maintaining your non-for-profit organization’s tax-exempt status, you need a professional who will keep you abreast of current issues and take a proactive role in helping you address them. The IRS uses very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. Walls & Associates offers a range of services to meet all of your nonprofit financial and tax accounting needs.

• Design, Install, and Maintain your Accounting System
• Financial Statements
• Payroll
• Provide Training for your Accounting Personnel
• Complete and File your Tax-Exempt Status Application
• Provide Training for your Board for:
• Non-Profit Financial Statement Usage
• Effective Budgeting Practices
• Preparation of Information Returns (Form 990, 990-PF, 990-T, etc.)
• Coordinate with Initial Start-Up
• Incorporation
• Federal Employee Identifications Number (FEIN)
• Payroll Setup with Federal and State Agencies

Walls & Associates can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you.

Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.

1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
5. Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.

The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status, so it's imperative that you build your accounting system around these revenue and expense classifications.