Tax Returns

Comments

edrey says:

March 23, 2011 at 9:51 PM

hello my name is edrey pacheco and i belong to a small church located in kansas city kansas and i’d like to know if you guys can help me out with a form 990 please.

Reply
- Belinda Whitfield says:
  
  March 23, 2011 at 10:03 PM
  
  Hi Edrey Pacheco,
  
  Churches do not need to file 990 tax returns.
  If its for another organization that is not a church, please let me know.
  
  Blessings!
  Belinda Whitfield
  
  Reply
  - Jim Tepper says:
    
    April 9, 2011 at 10:43 AM
    
    Hi…
    How about debt financed UBIT…. wouldn’t a 990T be required? ie, rent income on a building with mortgage rented in the entirety.
    
    thanks,
    
    Jim
    
    Reply
    - Belinda Whitfield says:
      
      April 9, 2011 at 4:38 PM
      
      Only if your church is engaged in for-profit activities similar to the ones you mentioned.
      
      Reply
      - Jim Tepper says:
        
        April 9, 2011 at 8:37 PM
        
        Hi ..
        thanks for your comment.
        we do own a house that we rent in total and have a mortgage on. After expenses, including the mortgage, we do have net income from it. In this case would we be required to file the 990T?
        thanks,
        Jim
      - Belinda Whitfield says:
        
        April 10, 2011 at 5:42 AM
        
        Hi Jim,
        
        The annual reporting requirements for 990-T is based on gross revenue, not the bottom line.
        Take your time and review the instructions for the 990-T that are available on the IRS website.
        If you need further assistance, give me a call or contact your tax accountant to discuss the matter in more detail.
        I can be reached at 630-759-6900 ext 710.
        
        Belinda