Chapter Tax Filing Requirements
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1 Chapter Tax Filing Requirements
2 Purpose of Document Provide guidance to chapter officers regarding requirement for yearly tax filling to maintain nonprofit status. Provide guidance regarding Senior Chapter alignment with student chapters and the related implications for tax filings.
3 Contents Overview Senior Chapter Filing Requirements. Student Chapter Filing Requirement. Key Actions for Senior Chapters. What SME will do to help chapters. Guidelines for Student Advisors.
4 Overview Due to Federal Tax Requirements, SME and its chapters are required to file a yearly tax form to maintain nonprofit status. Filing must be done yearly, and is initiated as part of completing yearly Chapter Financial Report. As such, NOT filing the Chapter Financial Report has significant tax and tax liability implications on the chapter and its officers.
5 IRS Reporting Requirements The required form for tax filling is based on combined senior and student chapter income (only applicable if the chapter sponsors a student chapter) this can do done online: o Chapters with a 3-year average income <$50,000 use Form 990-N. o Chapters with a 3-year average income >$50,000 use Form 990. The IRS rules consider a 3-year average income as gross receipts for the Senior Chapters and its subordinate Student Chapters to determine the $50,000.
6 IRS Reporting Requirements Cont d Federal Form 990-N (e-postcard) can be used for the majority of our chapters. SME is willing to file on behalf of a chapter, but the chapter must give Headquarters permission. o Permission is granted to SME by marking the checkbox on the annual Chapter Financial Report. o A Senior Chapter can choose to file its own 990 or 990-N; however, the chapter officers must still complete and submit the Chapter Financial Report.
7 IRS Reporting Requirements Form 8822-B to Notify IRS of a Change of Address or Responsible Party o Taxpayers must use Form 8822-B to report a change of address or the identity of a responsible party (i.e., the yearly change in chapter officers is applicable). Chapters can use this form to notify the IRS that there is a new chapter chair and submit the form directly to the IRS. This applies to all entities with an EIN, regardless of whether the entity is actively engaged in a trade or business. If the taxpayer is a tax-exempt organization, then check the unique box at the top of the form.
8 Implications Chapters that do not file on their own or as part of SME s return for 3 consecutive years automatically lose their nonprofit status there are no exceptions it is automatic from the IRS. If 990/990N Chapter filing is in arrears, the IRS may require the chapter officers to file as a for-profit entity with the IRS and pay taxes as such for these years via 1120 form.
9 Implications Cont d o SME cannot amend its tax return to include chapters submitting their reports past April 15 for the prior year. o The process and cost of reinstating a chapter s nonprofit status are the responsibility of the chapter and are prohibitive. o Donations to the chapter by corporate sponsors would not be tax deductible.
10 Implications Cont d The Senior Chapter is responsible for filing all their own tax returns including the missing years. o If you have missed past years, contact SME for guidance. Governance states that any chapter that has lost its nonprofit status must be officially closed by SME so that SME s corporate nonprofit is not jeopardized.
11 Implications Cont d. Once a Senior Chapter loses its nonprofit status, the IRS will hold the last officer of record accountable for filing the appropriate tax return for their Senior Chapter and sponsored Student Chapter(s). (Form 1120).
12 Key Actions Each Senior Chapter should verify that it has completed its tax filing requirement via completion of the yearly Chapter Financial Report, and take steps to complete any missing filings. o The Senior Chapter is responsible for filing all its own missing tax returns with the IRS. o SME HQ submits the organizations tax filing on May 15 of each year. Chapters must get their reports to SME by April 15 to be included in the SME return.
13 Critical Notes Once closed, the chapter will need to return its funds to SME. A FINAL FINANCIAL REPORT must be filed with SME so SME can report to the IRS that you are no longer a chartered chapter and that there are zero funds reported. Chapters can be re-established with a new chapter name and number by following the chapter reformation guidelines. Once reformation requirements are fulfilled and a chapter is chartered, they can obtain a new EIN number and open a checking account.
14 What SME Will Do To Help SME will file 990 or 990N on behalf of the chapters. o Senior chapters must give SME Headquarters permission. Communicate IRS rulings to the Senior Chapters. If chapter loses its nonprofit status, and the chapter is closed, SME HQ will work with its members to open a new chapter. Provide guidance and answer questions regarding filing, requirements and consequences. Combine Student & Senior Chapter yearly financial forms to determine if a 990 or 990-N is needed. o Student Chapter financial reports are filed by the Student Chapter and submitted to the senior chapter and HQ for filing.
15 Student Chapter Alignment SME does not recognize Student Chapters as standalone entities with their own EIN number they are sponsored by SME Senior Chapters. The financial activity of a Student Chapter is combined with their sponsoring Senior Chapter to determine if the Senior Chapter must file a 990 or 990-N. o Combining of Senior and Student Chapter activity is done by SME Headquarters.
16 Student Chapter Alignment Cont d If a Student Chapter is active, and does not have a sponsoring Senior Chapter, SME HQ acts as the sponsor. If a Student Chapter is inactive but still open, the Senior Chapter or MCon should verify status with the school and/or Faculty Advisor. If there is an opportunity to revitalize it, contact the MIRM for assistance. If inactive, submit to SME an RFA for immediate closure.
17 Guidelines for Faculty Advisors Each Faculty Advisor should verify that the Student Chapter has completed yearly Student Chapter Financial Report to support tax filing and that the report has the sponsoring Senior Chapters Federal Tax number. If the Student Chapter is active, and does not have a sponsoring Senior Chapter, SME HQ acts as its sponsor. Advisors are to ensure that the Student Chapter does not have a separate EIN (employee identification number) because it is considered a division of the sponsoring Senior Chapter. o If they have an EIN, the Student Advisor / MCon should contact his/her MIRM to start the process of closing out the EIN with the IRS.
18 What SME s MCons Need to Do Know the status of their assigned chapters. o Work with the chapter at the end of each year to make sure the chapters file their yearly Financial Report. o Work with the Faculty Advisor to ensure that the Student Chapter completes it yearly Chapter Financial Report using their sponsoring chapters EIN. o Verify with the Faculty Advisor that the Student Chapter does not have an EIN (employee identification number) independent of the sponsoring Senior Chapter.
19 What SME s MCons Need to Do Cont d If the Student Chapter has an EIN, the Faculty Advisor/MCon should contact their MIRM to start the process of closing out the EIN with the IRS. o If a Student Chapter is active, and does not have a sponsoring Senior Chapter, ensure SME HQ is acting in that role. o If the Student Chapter is inactive but still open, verify with the faculty advisor and/or the school regarding its status. If there is opportunity to revitalize, contact the MIRM for assistance. If inactive, request issuance of an RFA for immediate closure of the Student Chapter.
20 Questions? Contact the Membership Staff at
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