If you are a non-profit located in Massachusetts this article is for you. It has come to my attention that a lot of organizations have contracted accountants who are not familiar with all the required documents that must accompany the Massachusetts annual tax filing of Form PC. The requirements include:
1. An accurate Form PC. Special attention to the questions on the form can error be answered incorrectly.
2. Accompanying IRS Filing of either Form 990EZ or Form 990.
3. Reviewed financial statements issued by a CPA form if revenue is between $200,000 and $499,999. Audited financial statements if revenue exceeds $499,999. Audited financial statements per Government auditing standards if federal revenue for a federal contract is $750,000.
4. Failure to comply can jeopardize an Organization’s ability non-profit status in the Commonwealth of Massachusetts. Of special note is that your organization has not complied with complete filings for a period of five (5) years your non-profit status in Massachusetts risks losing its non-profit status. The process to rectify the above can be an expensive and lengthy process.