Bensonhurst
Nonprofit accounting in Bensonhurst, Brooklyn
Community and cultural organizations here often operate across more than one entity.
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 Bensonhurst
Nonprofit accounting for Bensonhurst
A congregation, a school and a benevolent fund can be three separate filers sharing one bookkeeper and sometimes one bank account. Each files its own return, and the related organization schedules have to agree with each other.
Where money moves between them, it has to be recorded as what it is rather than netted off.
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
New businesses and foreign reporting
Two things stand out here and both are evidenced rather than assumed.
First, roughly 29% of businesses on these corridors are under two years old. That is an unusually high rate of genuinely new business, and the work that goes with it is entity selection, registration, a bookkeeping system that will not need rebuilding in year three, and a first estimated tax calculation that does not produce a penalty. Getting the structure right in year one is worth more than any deduction found in year five.
Second, at 58.5% foreign born, Bensonhurst has the strongest case of any area we serve for foreign income and foreign asset compliance. FBAR, Form 8938, foreign pensions and ITIN applications are routine here rather than exceptional.
The 148 professional and medical service storefronts are a real S corporation and PLLC cluster, where reasonable compensation and the interaction with UBT matter. The restaurants bring sales tax, tip reporting and the FICA tip credit. Zone 1 for MCTMT at 0.60%.
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
I am opening a business this year. What should I get right first?
Entity choice, a separate bank account and a bookkeeping system you will actually keep up. Those three decide how much everything else costs. Tax elections matter, but they are cheap to fix compared with a year of mixed personal and business records.
I send money to family abroad. Does that affect my return?
Sending money generally does not create tax. Holding accounts abroad, receiving large gifts from abroad or holding foreign pensions and investments can all create reporting obligations with real penalties. It is the holding and receiving side that needs checking, not the sending.
We run a restaurant. What gets missed most often?
Tip reporting and the FICA tip credit, which is a genuine credit a lot of operators never claim, and sales tax treatment where prepared food and grocery items sit side by side.
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 Bensonhurst
Our other services here
Tax preparation and planning
Bensonhurst has the largest storefront economy we cover, and the highest share of first generation owners.
Tax preparation and planning in BensonhurstBookkeeping and accounting
With 1,265 storefronts, mostly restaurants, specialty food and professional services, two problems recur.
Bookkeeping and accounting in BensonhurstTrust and estate tax
Estates here often include foreign assets, which changes the reporting before it changes the tax.
Trust and estate tax in BensonhurstIRS representation
Foreign account reporting is where Bensonhurst notices most often start.
IRS representation in BensonhurstTalk to us about nonprofit in Bensonhurst
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.