Form 990 Preparation Lawyers in St. Louis

Helping Tax-Exempt Organizations Remain Legally Compliant and Maintain Public Trust

When someone finally gains tax-exempt status for their organization, they often believe their lives are going to get simpler. While this status certainly does remove the need for certain documentation requirements, it’s typically replaced by other stringent conditions that must be met. To ensure your organization remains compliant with federal law, it may be advisable to work with a Form 990 preparation lawyer in St. Louis.
At The Law Firm of Lance R. Drury, P.C., our team of tax attorneys has the knowledge and experience to guide you through any and all tax issues. We work with taxpayers, tax-exempt organizations, and government agencies on a daily basis. If you want to maintain your ability to avoid certain taxes, it’s critical that you keep up with all necessary requirements. Our legal professionals can help you do that.
Contact us today for a free consultation.

What Is the Purpose of Form 990?

The IRS requires all tax-exempt organizations to file a Form 990. Its goal is to provide information regarding mission, finances, and activities to the government and the public at large. The primary purpose of the form is transparency. Organizations have to disclose key financial information, governance practices, and other important info.
This provides the public — along with donors and stakeholders — with knowledge regarding how an organization operates and utilizes its resources. And when a St. Louis Form 990 preparation attorney is filling out your documentation, their primary goal is to ensure compliance.
Tax-exempt organizations are required to file this document in order to maintain their status. By doing so, the IRS is able to monitor organizations and ensure they remain eligible for their tax-exempt status and are compliant with relevant laws.

What Are the Components of This IRS Form?

Filing individual returns and other tax forms often feels like a numbers game. You take numbers off one form, put them onto another, and do a little bit of math. However, it’s not nearly this straightforward when it comes to Form 990. That’s because the IRS wants more than just your financial information — although they definitely want that.
If you opt to handle your own documentation rather than work with a Form 990 preparation lawyer in St. Louis, you’ll need to have all the following information readily available:

• • Basic information: This includes details related to your organization. Necessary information will include the tax-exempt organization’s name, contact information, and Employer Identification Number (EIN).
  • Financial information: One of the primary goals of Form 990 is to provide a comprehensive overview of the organization’s financial activities. This will include revenue, expenses, liabilities, assets, and how much key employees receive in compensation.
  • Governance and management: Details regarding executive compensation, board members, and governance policies must also be disclosed.
  • Programmatic accomplishments: Tax-exempt organizations must describe their programs, mission, and accomplishments achieved during the tax year. This section of Form 990 will highlight the impact that the organization’s activities have had on its intended beneficiaries.
  • Compliance and reporting: There are also questions related to an organization’s compliance with relevant tax laws. Information regarding conflict of interest policies and other regulatory requirements will also be included.

Understanding these sections can help you complete Form 990 on your own — but this doesn’t mean doing so will be easy. Simple mistakes on this documentation can be costly, and that’s why working with a Form 990 preparation lawyer in St. Louis is likely in your best interest.

Why Do You Need a St. Louis Form 990 Preparation Attorney?

Filing Form 990 is only required once every year. This means tax-exempt organizations have a while to fill out the form and submit it properly. One might think that this leaves plenty of time to research filing requirements and ensure all documentation is accurate. However, the fact remains that Form 990 is just as complicated as the tax forms required of individuals and for-profit businesses.
This is why it’s ideal to work with a St. Louis Form 990 preparation lawyer. A legal professional in this field will have knowledge about tax law as it relates to nonprofits and other tax-exempt organizations. They can make sure that not only do you meet documentation requirements, but they will also help ensure you’re following relevant laws and regulations. This can reduce the risk of penalties and the potential loss of your tax-exempt status.
An attorney can also offer customized advice and guidance — along with helping you maximize tax benefits and minimize potential liabilities. Claiming applicable credits, structuring charitable contributions, and leveraging exemptions can all improve your tax position. Finally, your Form 990 preparation lawyer in St. Louis can prove invaluable if your organization is ever audited. They can represent you and work towards a positive outcome.

Contact Our Form 990 Preparation Lawyers in St. Louis

Securing tax-free status is a great accomplishment that takes commitment and a lot of hard work. Regardless of how you qualified for this status, it’s important to remember that it comes with responsibilities. Both the government and the public want transparency to ensure you’re living up to your obligations. Form 990 is the way you do this, and when filed properly, it can serve as a powerful tool for protecting your organization.
At The Law Firm of Lance R. Drury, P.C., we’re committed to securing the best possible outcomes for all our clients. For tax-exempt organizations, we focus on risk management, accuracy, customized guidance, and even audit representation. However, our primary focus in all this is to offer peace of mind. Let our Form 990 preparation lawyers in St. Louis handle your tax needs while you focus on what’s important.
Contact us at (573) 508-0399 to schedule your free consultation.