Federally Employed Women (FEW)

Presented by Vanessa W. Elliott, MPA

National Treasurer&

Carol JonesNational Finance Chair

The Financial Management Webinar"IRS Form 990"

Monday, January 29, 20187:00 p.m. EST/6:00 p.m. CST

5:00 p.m. MST/4:00 p.m. PST

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Tax-Exempt Status

Tax-Exemption: Governed by federal law Requires Annual tax returns Chapters or Regions are tax-exempt via FEW’s Group

Exemption Note: Some income may be taxable

FEW is a 501(c)4 organization – “civic leagues and social welfare organizations”2

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State and Local Laws

Each State has its own regulations and filing requirements You are not necessarily tax-exempt for STATE purposes! It’s up to the Chapter or Region to maintain

compliance with all local, state, and federal regulations!

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Federal Reporting Requirements

IRS Form 990 Filed annually by 15th day of 5th month after end of the

fiscal year Available for public inspection Each Chapter or Region must file under its own employer

Identification Number (EIN) Determine which Form 990 to file Based upon gross receipts and total assets

File Form 8868 to obtain an extension if necessary (only if filing Form 990-EZ)

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The e-Postcardhttps://www.irs.gov/pub/irs-pdf/p5248.pdf

(copy and paste link to your browser for user guide)

Cannot be amended Make corrections and changes with the next filing No penalty for late filing but automatic loss of tax-exempt

status if missed for 3 consecutive years Also referred to as the 990-NWrite down user name and password and keep with IRS

records. You must have this information in order to file the next year.

Filing is FREE Receipt is emailed to preparer. PRINT THIS OUT OR

DIGITAL ARCHIVE FOR YOUR PERMANENT RECORDS!

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Chapters must: Have their own EIN File their own Form 990 on time Submit Group Tax Exemption

Authorization to FEW every year This is the form which must be sent to

our accountants (Lydon Fetterolf Corydon, PA) electronically by April of each year

Group Exemption

Administrative convenience for the IRS – there is only one exemption application for the organizationChapters are tax-exempt based upon FEW’s status

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Two ways this happens:Not submitting the annual authorization to FEW via Lydon

Fetterolf Corydon, Public AccountantsNot filing Form 990 – Automatic revocation by the IRS after 3

years of not filing

Consequences:Chapter or Region will have to file a corporate income tax return

and pay taxes on its incomeChapter or Region will possibly have to file 3 years of

returns if they haven’t been doneIf a Chapter or Region wants to continue to be tax-exempt it

will have to file for tax-exempt status on its own

Consequences of Losing Tax-Exempt Status

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Federally Employed WomenFinancial Management Team

Point of Contact Finance Team:Vanessa Elliott: Vanessa.Elliott@hq.dhs.gov 202-875-3438Carol Jones: caroljones7812@comcast.net 410-608-6662

Questions for us?

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