Dartmouth Class Treasurers Association
Untitled document

Class Tax Returns:

Fiscal Year 2012 - 2013

 

 

TAX FILINGS FOR CLASS FISCAL YEARS ENDED JUNE 30, 2013 ARE DUE ***NOVEMBER 15***
All classes, regardless of income levels, must now file tax returns.


990-N

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.

*If you are filing for previous years, or your group is less than three years old, refer to instructions on the IRS website at the following link: http://www.irs.gov/Charities-&-Non-Profits/Annual-Reporting-&-Filing-1, and then click on the "Annual electronic notice (e-Postcard) for small exempt organizations" link to take you to the details, or contact Rachel Williamson in the Controller's Office

Here's what people are saying about the new 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)

Link to 990-N E-Postcard


990-EZ

If you qualify to file the traditional 990-EZ, you may use the forms below. They are for FY2012.

We have arranged with an independent third party tax preparer to provide a relatively low cost service ($250 for a 990-EZ) to file your tax returns. His contact information is:

Russell K. North
P.O. Box 868, 61 Depot Street, Unit #6, Wilder, VT 05088
802 295 9093

rknorth@hotmail.com

Click here for a form of engagement letter.


1099-K

Various treasurers have contacted the College 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 reprintedthe instructionsfrom 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. This is from Sarah Gamer of the College: The 1099-K does not indicate taxability of any of the amounts reported. You do not need to take any action. I suggest that you keep the form on file for your records.

Have tax filing questions? Here's a resource:
Rachel L. Williams
on, 603-646-0034, tax@dartmouth.edu

 


Maintained by Conor Frantzen '08
Last updated 11/7/13