Tax Reform

The most significant tax legislation in over a generation will impact every taxpayer, regardless of size and complexity. We are staying on top of all the changes so you don't have to.

Building Success

Your success is our business. We strive to gain a deep understanding your business, not just the year-end financial results. In doing so, we aim to be your most trusted & valued advisor.

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No one enjoys sticker shock. Most of our engagements are priced on an up-front, fixed basis. You will know the cost of our services before you decide to work with us.

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You can rest easy knowing that your accounting, tax and business planning needs are in the hands of experienced professionals.

Non-Profit Organizations

We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you.

Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.

  1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
  2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
  3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
  4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
  5. Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.

The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it's imperative that you build your accounting system around these revenue and expense classifications.

Here's what we do for you...

  • Compile your financial statements
  • Design, install, and maintain your Accounting System
  • Weekly, bi-weekly, or monthly payroll preparation
  • Payroll Tax Preparation and Deposits
  • Provide training for your accounting personnel
  • Complete and file your non-profit status application
  • Provide training for your board on non-profit financial statement usage and effective budgeting practices
  • Prepare and file the 990 and 990T tax forms
  • Religious Congregations: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of clergy.

If you're starting a new not-for-profit organization we can help you prepare your organization's 501 (c)(3) application for tax-exempt status.

Here's what's needed...

  • Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 ("Organizational Test").
  • Employer Identification Number
  • By-laws of the Organization
  • Minutes of Board Meetings
  • Names, Addresses, and Resumes of Board Members
  • Names and addresses of all Active Members
  • Inventory of Assets like cash, furniture, equipment, property, pledges...
  • Inventory of Liabilities like mortgages, accounts payable, loans...
  • Rent/Lease Agreements and Contracts
  • Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years.
  • Written Reason for Formation and History of the organization.
  • Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
  • Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets...
  • Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers...
  • Fund Raising Program Descriptions
  • IRS Processing/Filing Fee

We are happy to discuss any of these items if you need help.

Let us help you setup and/or maintain your non-profit tax-exempt status by requesting a free consultation below.

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What Others Say

Abrams P.C. has helped me on real estate partnership tax matters and reporting for several years. They are dependable, timely and always catch my mistakes. I would highly recommend Abrams P.C. if you are looking for a CPA firm that will take good care of you! -Aaron Goldstein, Gold Group Realty

Our company has continued to work with Abrams PC year after year for our accounting and tax needs. I always know I’m getting my money’s worth, and I enjoy having the opportunity to work with the same people year in, year out. -Zach Zelickson, Tri-Z Properties Properties

I have been working with Danny for a few years now and he has been absolutely wonderful! His attention to detail, professionalism and thoroughness is something that I would definitely recommend to my friends/family!-Omer Abramovich