This important message to not-for-profits is a result of the Fiscal Year (FY) 2012 Annual Report & FY 2013 Workplan on accomplishments and plans from the Exempt Organizations (EO) Division of the Tax Exempt and Government Entities section of the IRS:
The IRS uses Form 990 responses to select returns for review, so a complete and accurate Form 990 return is in your best interest. In other words, inaccurate or incomplete reporting on your Form 990 may look like noncompliance and lead to unnecessary examinations by the IRS.
The 24-page report outlines EO accomplishments in Fiscal Year (FY) 2012 and provides a work plan for FY 2013, but the focus throughout is on EO's efforts to determine patterns of noncompliance collected from Form 990 data, so the IRS can better target potential offenders.
Click here to read highlights from the report, including key areas EO plans to focus on for FY 2013 that not-for-profits should take note of and tips to help avoid an inquiry from the IRS. Click here for the entire 24-page report.
If you have any questions regarding your Form 990 or any other topics covered in this article, please do not hesitate to contact Stone Carlie's Not-For-Profit Services Group or call 314-889-1100.
Beth A. King, CPA, Director of Not-for-Profit Services Group
Stone Carlie & Company, L.L.C. is a CPA firm specializing in accounting, wealth advisory, tax, corporate finance, business consulting and many other core and specialty services.