10-Step Checklist to Apply Sarbanes-Oxley to Your Nonprofit

June 5, 2012 in Board of Directors, Board of Directors Information, IRS, State Filings, Tax-exempt by Anne


Accountability and Transparency within Your Nonprofit

Management and governance groups are applying Sarbanes-Oxley to the nonprofit sector. To help nonprofits understand compliance requirements, Keep Me Tax Free, LLC offers the following 10-step checklist:

  1. Contact Keep Me Tax Free to develop a compliance filing plan: http://keepmetaxfree.com/contact-us/
  2. Obtain an EIN (Employer Identification Number) from the IRS: www.irs.gov/businesses/small/article/0,,id=98350,00.html
  3. Incorporate and register within your state of domicile
  4. Register with your state’s Attorney General’s office
  5. Submit Form 1023 to the IRS: http://keepmetaxfree.com/2012/05/04/irs-tax-exempt-determination-process/
  6. Apply in your state of domicile for tax-exempt status: http://keepmetaxfree.com/2012/03/12/charitable-solicitations-registration/
  7. Apply for tax-exempt status in states where you will seek donations: http://keepmetaxfree.com/2012/05/11/what-are-the-charleston-principles-and-how-do-they-effect-your-nonprofit/
  8. Submit Form 990 or its equivalent annually to the IRS: http://keepmetaxfree.com/2011/12/11/i-r-s-ends-exemptions-for-275000-nonprofits/#more-159
  9. Submit state tax forms annually or biennially as required: http://keepmetaxfree.com/2012/03/28/when-states-suspend-nonprofits-operations/
  10. Check with Keep Me Tax Free to ensure your nonprofit is and remains tax exempt: http://keepmetaxfree.com/contact-us/