CHAPTER TREASURER FEDERAL & STATE FILING REQUIREMENTS - PowerPoint PPT Presentation

CHAPTER TREASURER FEDERAL & STATE FILING REQUIREMENTS Presented by Jen Milam

Three Parts to Understand: 3. 1. 2. Annual Income Tax EIN Report Umbrella

DEPARTMENT OF STATE 1. Annual Report

Incorporated Chapters • Must file a Non-Profit Corporation Annual Report with the FL Department of State. It is imperative this report be processed by May 1 st To AVOID a $400 PENALTY PLAN AHEAD!

KNOW WHO FILED THE PRIOR YEAR! • Reminders will be emailed to the address they have on record. • Detailed instructions & website links in your Quick Tips Treasurer Timeline

What Questions are on the Annual Report? • Need Document Number • The report asks for the contact information of your current Chapter Officers : • President • President-Elect • Secretary/Treasurer • These can be the same person . • No financial information is requested.

Paying for your Annual Report • Filing costs about $65 per year • Credit card : Complete online by April 25 • Check: Mail it by April 1

1. Annual Report – What if I DON’T File on Time? • $400 penalty after May 1 st • 4 th Friday of September administratively dissolved or revoked • May be reinstated , but it requires: • Reinstatement application • Reinstatement fee ($175 for Non-Profit) • Annual report fee ($65 +/-)

1. Incorporating Your Chapter Protect your Chapter Officers 1. Submit Articles of Incorporation (prototype available) 2. Get a new EIN as an incorporated entity 3. Re-file under the FSNA Federal Income Tax umbrella 4. Check the website or contact the FSNA State Office

How do we keep track of everything? • On your jump drive!  • Previous Local Chapter Officers • FSNA Website – Chapter Leader Resources • Forms to Download • PowerPoints • Short How- To’s • Webinars TBA

Part 2 – Internal Revenue Service 2. EIN

2. EIN - What Does it Mean? EIN = Employer Identification Number  Unique identifier of your Chapter to the IRS .  (Like SS#) Nothing to do with tax status.  How Do I know if My Local Association  Already has an EIN? It does! This is not the school district or SNA number.

2. EIN – Why does the Chapter need it? • File your annual 990N e-postcard . • For your Chapter’s bank account. • To stay under the FSNA’s Federal Income Tax Exemption Umbrella.

Part 3 – Federal Tax Exemption 3. Income Tax Umbrella

3. Federal Income Tax Exempt Umbrella (FSNA Group Exemption) • Federal tax exemption = do not pay corporate federal income tax • If not, your Chapter would be required to pay taxes on all income received Local Officers are potentially liable

3. Federal Income Tax Exempt Umbrella (FSNA Group Exemption) • Is my Chapter under the FSNA Tax Umbrella? YES • The 990-N is much easier to file than the 990 – no fees & no financial info needed! Check the chart!

3. Filing the 990-N • Filing instructions and links are in your Quick Tips Treasurer Timeline. • The report asks for the contact information of your current Chapter Officers : • These can be the same person . • No fees or financial information.

What are the Annual Filing Requirements? • Income less than $50,000 required to e-file a 990N. • Fiscal Year for FSNA & Chapters is August 1 st – July 31 st • Your Chapter’s tax period ends on July 31 st , so the e- filing is due by December 15 th at the latest. • 990N (e-postcard) can be filed as early as August 1 st . Be safe! E-file in August!

3. 990-N Filing Timeline • FY begins in August: Chapter 2018 Tax Year began 8/1/2018 and will end 7/31/2019. • The 2018 FY has not ended yet ! • IRS says: You can’t file 2018 until Aug 1, 2019 • Last day to file is December 15 th 2018 Tax Year to be filed between Aug 1 – Dec 15 2019

Breaking it Down 1. Incorporate 2. EIN 3. FSNA Umbrella Initial Form Articles of Incorporation SS-4 FSNA Submits Issuing Department FL Dept of State, Division US Dept of US Dept of Treasury, IRS of Corporations Treasury, IRS Initial Cost About $70 $0 $0 Annual Reporting Non-Profit Annual Report None 990-N e-postcard Annual Reporting Cost About $65 $0 $0 Dec 15 th of the following year May 1 st Due date for Annual Filing N/A (5 months after close of FY in July) Penalty if not filed on time $400 Late fee, penalties, N/A No fees or penalties, but loss of Incorporation potential loss of federal income Tax Exemption Status for non- filing

Keep on File 1. Bylaws – it is mandatory for every local association to have bylaws! 2. If your Chapter is incorporated a. Stamped Articles of Incorporation b. Annual Report filings with your Chapter’s Document Number 3. 990N filings

Pass Along the Info • Make sure all future Chapter Officers are aware of: • EIN • Document Number • Filing requirements • Due dates • Contact information • Resources

THANK YOU FOR YOUR SERVICE!

Questions? Toll Free Phone: (888) 878-1832 Email: jmilam@floridaschoolnutrition.org