It is vital to understand that as a result of the variation of state laws, you may perhaps come across some unexpected difficulty spots when filing Form 990s in states aside from your personal. By way of example:
- Lots of states have dollar limits for triggering filing needs which might be substantially lower than the common IRS dollar limitation of possessing a minimum of $25,000 in gross receipts.
- Even when a state jurisdiction accepts the Form 990 or Form 990-EZ as filed together with the IRS, this alone may perhaps not be adequate to supply all of the expected information and facts a state may perhaps ask for.
As an example, the state may perhaps call for more economic statements, notes to economic statements, more economic schedules, reports on economic statements by an independent accountant, and answers to more inquiries.
Every single jurisdiction has its personal guidelines, so in an effort to sidestep the sticky difficulties, very carefully critique a state’s laws before filing.
