Marine Park
Nonprofit accounting in Marine Park, Brooklyn
Civic associations, sports leagues and parent organizations make up the nonprofit work in Marine Park.
What you get
- Form 990, 990-EZ and 990-N
- Unrelated business income on Form 990-T
- Restricted and unrestricted funds tracked
- Reporting a board can read
The MyCleverCPA team
- 25+ years in regulated finance, compliance and audit
- Tax work led by a CPA. Jillian Sinel holds the CPA and the CAA
- Brooklyn Office at 1684 E 18th St, Brooklyn, NY 11229
In Marine Park
Nonprofit accounting for Marine Park
They are small, volunteer run, and the annual filing is often the only compliance obligation they have. It is also the one that gets missed when the treasurer changes.
Three consecutive years missed and exempt status is revoked automatically, which is a hard thing to explain to a community that has been donating all along.
Scope
What is included in nonprofit
The same work wherever you are. Scoped to what you actually need.
Annual filings
- Form 990, 990-EZ and 990-N
- Form 990-T for unrelated business income
- New York State charities filings
Fund accounting
- Restricted and unrestricted fund tracking
- Grant and program reporting
- Costs allocated across program, administration and fundraising
Governance and controls
- Internal controls for volunteer-run finance
- Separation of duties on a small team
- Documentation a board can actually review
Setting one up
- Entity formation and the exemption application
- A chart of accounts built to produce a 990
- The written policies the 990 asks whether you have
What this covers
- Form 990, 990-EZ and 990-N
- Form 990-T for unrelated business income
- Annual reporting and regulatory filings
- Nonprofit structuring and entity setup
- Bookkeeping and fund accounting
- Board and management reporting
- Restricted and unrestricted fund tracking
- Internal controls for volunteer-run finance
Local tax
Homeowners and the people who work on their houses
With that ownership rate and incomes above the citywide median, the state and local tax deduction cap is a live annual frustration here rather than a theoretical one. Alongside it: mortgage interest, tracking improvements into basis so the principal residence exclusion works properly on an eventual sale, and the energy credits that attach to a lot of the work being done on these houses anyway.
For the contractors, the recurring question is when to elect S corporation status, which turns on reasonable compensation rather than on revenue alone. Vehicles and equipment bring section 179 and bonus depreciation into play, and the one that catches people is the Unincorporated Business Tax: crossing $95,000 in gross business income creates a New York City filing obligation that most trade businesses do not know exists until it is late.
Zone 1 for MCTMT at 0.60%. Note that landlords here are exempt from UBT under the real property exclusion, even though the contractors are not.
How it works
How nonprofit runs
Four stages. Most of the value sits in the first two, before anything is filed.
Check the filing history
Which 990 was filed, when, and whether exempt status is still intact.
Straighten the records
Funds separated, allocations documented and balances reconciled.
Prepare the return
The 990 and anything it brings with it, including the 990-T.
Report to the board
Statements and a 990 the board can read without a translator.
Questions
Frequently asked questions
Should my contracting business be an S corporation?
It depends on profit after you pay yourself a defensible salary, not on revenue. The saving comes from the portion of profit taken as distribution rather than wage, so it only works once there is meaningful profit above a reasonable wage for the work you actually do. Electing too early creates payroll obligations and no benefit.
I renovated. Does that help my taxes?
Not immediately, in most cases, but it adds to basis, which reduces the gain when you sell. Keep the invoices. The principal residence exclusion covers a lot of gain but not all of it, and basis is where people lose money through poor records rather than bad advice.
Is there anything to do about the SALT cap?
For an employee, very little directly. For a business owner, New York’s pass through entity tax is worth modeling, because it can move state tax from the capped personal deduction to the entity level. Whether it helps depends on your specific numbers.
What happens if we missed a 990?
Three consecutive missed years revokes exempt status automatically. One missed year is fixable and worth fixing immediately. If status has already been revoked, reinstatement is possible but it is a longer road.
Which 990 do we file?
It depends on gross receipts and total assets. Small organizations may only need the 990-N, which is short. We would rather confirm the threshold than have you file the wrong one.
Can you help us set up a new nonprofit?
Yes, on the structuring and accounting side, working with whoever handles the legal formation and the exemption application.
Also in Marine Park
Our other services here
Tax preparation and planning
Marine Park returns are mostly homeowners filing a 1040 with something attached.
Tax preparation and planning in Marine ParkBookkeeping and accounting
The bookkeeping here is mostly trade contractors working out of the house they own.
Bookkeeping and accounting in Marine ParkTrust and estate tax
In the most owner occupied part of our Brooklyn coverage, the estate is usually the house.
Trust and estate tax in Marine ParkIRS representation
Most Marine Park notices are individual rather than business.
IRS representation in Marine ParkTalk to us about nonprofit in Marine Park
Book a time online, or call the Brooklyn office directly.
Nearest office
Brooklyn Office
1684 E 18th St, Brooklyn, NY 11229
Phone
Office hours
Sunday to Friday, 11am to 8pm Eastern.
Closed Saturday.