Filing Chapter Taxes using re:Members Choice Finance

re:Members Choice Finance provides an easy way for your chapter to file its Form 990 for chapter taxes. After submitting your information, re:Members Choice Finance’s partnered, nonprofit-focused Certified-Public-Accountant (CPA) reviews the submitted forms, obtains required signatures, and completes the filing with the IRS.

Tip: Filing your taxes three months after the end of the fiscal year is recommended. This means that if your chapter’s fiscal year ends in December, you would have until March to complete your filing. If your chapter’s fiscal year ends in June, you would have until September to complete your filing.

Benefits of Filing with re:Members Choice Finance

• Maintain the chapter’s tax-exempt status.

• Takes less than 30 minutes.

• We make it easy to know which form to file.

• Nonprofit-savvy CPA is available for help.

• Filing via re:Members Choice Finance is less expensive than filing with an outside firm.

Getting Started

To access the 990 Tax Assistant,

1. Log in to the Admin dashboard.

2. Go to the Reporting section.

3. Locate the 990 Tax Assistant tile and click Run.

4. Results list all previous fiscal years. Hover over the tax year to be filed and click File New or Continue if you previously started the process.

5. A Progress Summary appears, listing all steps of the module required to successfully file.

   Hover over each item and click View to begin that section, or to return to a previously completed section. Sections must be completed in order.

   Note: You may complete part of the module and return later if you don't currently have all required information.

   Steps include:

   • Qualify: Reported gross receipts (income from all sources) for the past fiscal year are required to determine which form to file.

     • 990-N: Gross receipts of less than $50,000

     • 990-EZ: Gross receipts between $50,000 and $200,000

     • Gross receipts greater than $200,000 require the 990 Long Form. re:Members Choice Finance does not complete this form, therefore you must consult with an outside firm.

   • Set Up: Share the year-end date and share whether you'll be using re:Members Choice Finance's CPA or your own accountant.

   • General Info: Chapter information including address, EIN, phone number, the accounting method used, what your chapter’s website is, tax exempt status, and more. Any information added to your chapter's account at the time of creation will automatically import into the form.

   • Revenue: Questions on the chapter’s revenue. Provide a breakdown of what was billed per charge as well as totals per income account (the amount collected for the various “sub-buckets” of income / chart of accounts).

     re:Members Choice Finance is configured so that all charges are registered to a chart of accounts (Chapter Dues, New Member Fees, Rent, Room and Board, etc.). Gross Receipts for the last fiscal year are required (these are the total dues, fees, and any other income collected in the past year).

   • Expense: Questions on chapter expenses. Provide a breakdown on what was spent per charge as well as totals per expense account (that is, how much was spent for various "sub-buckets” of expenses / chart of accounts).

   • Documents: Provide what you can, but three important documents are:

     • bank statements,

     • profit & loss reports, and

     • balance sheets.

     Note: With the exception of the chapter's bank statement, these can be located in the Reporting section of re:Members Choice Finance.

   • Officers: All current officers’ information.

   • Fundraisers: Share a breakdown of all fundraising the chapter did. If applicable, a brief overview of any events held (the event, what it was for, how much was raised).

   • Contributions: A breakdown of contributions the chapter made (what was given and to whom / where).

   • Review: A review of information entered in the previous steps to ensure correctness.