Borough Park
Nonprofit accounting in Borough Park, Brooklyn
Borough Park supports a large number of charitable and educational organizations with restricted funds.
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 Borough Park
Nonprofit accounting for Borough Park
Donors who give for a stated purpose expect that purpose tracked, and fund accounting rather than the return itself is where the time goes.
Restricted and unrestricted balances have to be visible on demand, not calculated at year end, because the question usually arrives from a donor rather than from the IRS.
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
The Unincorporated Business Tax page
If there is one area where UBT should be the headline, it is this one. A storefront economy of clothing, jewellery, hardware, home goods and specialty food, overwhelmingly structured as sole proprietorships and partnerships, is exactly the population the tax was written for.
The rate is 4% on income allocated to New York City, the filing threshold is gross business income above $95,000, and there is a $5,000 exemption against net income. The credit eliminates the tax entirely at $3,400 or less and phases out by $5,400, which means a large share of businesses on these avenues owe nothing but are still inside the filing regime. S corporations are outside UBT and fall under the Business Corporation Tax instead, which is a genuine planning lever rather than a technicality.
With 76% renting their premises, leasehold improvements, section 179 and the treatment of rent as the dominant deduction do more work on these returns than almost anything else. With 37% at three employees or fewer, almost nobody here approaches the $312,500 quarterly payroll threshold at which the employer MCTMT starts, which is worth knowing simply so it stops being a worry.
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
We are a partnership on 13th Avenue. What do we file for the city?
A partnership carrying on business in the city files the Unincorporated Business Tax return once gross business income passes $95,000. The tax is often zero after the exemption and credit, but the filing obligation is not.
Would incorporating save us tax?
Sometimes. An S corporation election takes you out of UBT and into the Business Corporation Tax, which can be favorable, but it brings payroll and reasonable compensation obligations with it. It is worth modeling on your actual numbers rather than assuming either way.
We have large deductions for dependents. Is there anything new?
Yes. New York City introduced a refundable credit for residents with dependents from the 2025 tax year, subject to income thresholds and a limit on investment income. It can reduce or eliminate city personal income tax for families who qualify, and it is new enough that it gets missed.
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 Borough Park
Our other services here
Tax preparation and planning
Nearly 900 storefronts, almost all owner operated, means most Borough Park returns carry business income.
Tax preparation and planning in Borough ParkBookkeeping and accounting
In a corridor of 899 storefronts, the books are usually kept by the owner between customers.
Bookkeeping and accounting in Borough ParkTrust and estate tax
Family businesses and multi-unit property make Borough Park estates heavier on valuation than on tax.
Trust and estate tax in Borough ParkIRS representation
Sales tax and payroll notices are the common ones in a dense retail corridor.
IRS representation in Borough ParkTalk to us about nonprofit in Borough 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.