Taxes

Per the IRS: most small tax-exempt organizations whose annual gross receipts are normally $50,000 or less* are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ instead. 

Helpful Links

• Form 990N User Guide

Here’s what alums are saying about the 990-N option:

"I think I completed the electronic filing in less than 5 minutes! Besides filling in the typical contact information and federal tax ID, the only money figure required was the gross receipts. And in a matter of minutes, you receive an electronic confirmation as proof of filing! You and Sarah should note that the language says "normally $50,000 or less," so if a class goes above the $50,000, they may still be able to file the e-postcard by showing a three year average under $50,000." – Jim Weiskopf ’66

The IRS no longer accepts paper filing. The 990 and 990-EZ are now required to be electronically filed. You can file the return yourself or you can use a paid tax preparer. Dartmouth does not have the resources to file electronic returns on your behalf.
 

Helpful links

• FY24 Form 990 EZ-Instructions
• FY24 Sample Form 990-EZ
• FY24 Sample Form 990-EZ Schedule O

Various treasurers have contacted Dartmouth regarding a new form, the 1099-K, which they have received from their credit card processor (e.g. Bank of America, First Data). The 1099-K is a new form that requires summarizing credit card deposits. 

Below are reprinted instructions from the IRS relating to the form: 

Instructions for Payee: You have received this form because you have accepted merchant cards for payments, or because you received payments through a third party network that (1) exceeded $20,000 in gross total reportable payment transactions and (2) the total number of those transactions exceeded 200 for the calendar year. 

Merchant card and third party network payers, as payment settlement entities (PSE), must report the proceeds of payment card and third party network transactions made to you on Form 1099-K under Internal Revenue Code section 6050W.

The PSE may have contracted with an electronic payment facilitator (EPF) or other third party payer (TPP) to make payments to you. If you have questions about the amounts reported on this form, contact the FILER whose information is shown in the upper left corner on the front of this form.

If you do not recognize the FILER shown in the upper left corner of the form, contact the PSE whose name and phone number are shown in the lower left corner of the form above your account number. 

What should I do if I am going to miss the November 15th deadline? 

It is highly recommended to file for an extension than to simply miss a deadline. It is easy to file Form 8868 and receive a six-month extension. 

What happens if I fail to file for three years?  

The class will lose their tax-exempt status. It is very difficult to restore this status.  

What should I do after filing?

You should obtain a copy of the filing confirmation (990-N) or get a copy of the statement (990-EZ, etc.). This should be shared with your class president and filed with your Class Executive Committee's financial records.  

What if my class is a separate legal entity?  

There may be additional filing requirements. For example, you may be required to submit state filings such as:  

• Financial Filings: May be state DOR or another regulator such as the Attorney General
• Corporate Filings: With the Secretary of State