taxguy057 Posted December 17, 2008 Report Share Posted December 17, 2008 Hey to all! I have an oppurtunity next spring to work with a non profit medical clinic and they need someone to handle the bookeeping and tax filings for the clinic. I've never done taxes for a non profit organization before. Any pointers or things i can pick up on before May or am i biting off more than i can chew??? Need words of encourgement from the pros out there... :scratch_head: Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted December 17, 2008 Report Share Posted December 17, 2008 PPC has helpful books on this subject. taxbilly Quote Link to comment Share on other sites More sharing options...
jainen Posted December 17, 2008 Report Share Posted December 17, 2008 >>Need words of encourgement<< Go for it! Not only is it a big advance for your career, you will thoroughly enjoy it on a personal level. Non-profit is kind of a specialty both in taxation and accounting. It is also a huge growth industry, so if you work hard you can guarantee a thriving practice the rest of your life. The opportunity to get started with an existing, successful organization is priceless. To see if you are ready for it, read all the free stuff. The IRS has a whole section of its web site dedicated to the topic at http://www.irs.gov/charities/index.html . Lots of law and accounting firms have posted articles about this hot topic on the Internet. Your public library has at least some things, too old for technical advice but still helpful for general orientation. Notice that there is a vast amount of NEW rules (and new strategies to avoid the new rules!) coming out all the time--that is one of the fun things about the specialty and also what keeps a lot of people away. If you decide to do it, you will need some serious resources like the PPC manuals that taxbilly mentioned. These are expensive, so see if the clinic or the retiring accountant already has some. Just remember that they are dated! Quote Link to comment Share on other sites More sharing options...
taxguy057 Posted December 17, 2008 Author Report Share Posted December 17, 2008 Thanks alot guys. I am nervous, but you have to make the jump sometime. I think what scares me is the fact that they have millions of dollars that need to be spent in the operation of the clinic and it just seems overwhelming but once i see the acctg system that is already set up and how the previous acct ran things, i should be ok. Now these PPC manuals, can i goggle them and find a internet seller or need i order from a bookstore? Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted December 17, 2008 Report Share Posted December 17, 2008 http://ppc.thomson.com/sitecomposer2/ TAXBILLY Quote Link to comment Share on other sites More sharing options...
Lion EA Posted December 17, 2008 Report Share Posted December 17, 2008 Form 990 for years ending after 31 December 2008 (or is it years beginning after 1 January 2008 or some other timing?) is new and lengthier, more verbiage required. Doesn't sound as if a clinic that size would use QB, but if so, The Sleeter Group publishes a book on using QB with non-profits. Probably has message boards and courses available, too. Learning something new keeps us young! Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted December 17, 2008 Report Share Posted December 17, 2008 I have been working with a clinic for the homeless/indigent mentally ill for about 12 years. It sounds as though the previous accountant in your case has done a decent job in setting up the books. My guess is your new client is the recipient of federal and state money as well as individual grants so almost surely has an annual audit. Make good friends with the audit firm/individual auditor. They will be a great source of assistance during the year as the audit will flow much more smoothly if the books and procedures are in good shape. Get to know the software used and if they use something like Donor Perfect for online contributions, learn about that, too, and how the data is transferred. The biggest caveat is to be aware of all the other reporting requirements of the funding sources, especially if there are Medicaid dollars involved. And good luck! Quote Link to comment Share on other sites More sharing options...
lbbwest Posted December 18, 2008 Report Share Posted December 18, 2008 Not to be disagreeable (but I am so DARN good at it) my experience with not-for-profits has been generally negative. Depending upon how large, and organized, I have experienced difficulties with everything from separation of duties, to basic disagreements about dual entry accounting systems. The MOST challenging aspects for me, has been the consistent belief by many individuals working in the "not-for profit" sector is that many tax laws are suspended especially having to do with compensation. You didn't mention what KIND of "not for profit" you are talking about, again, many urban myths regarding deductibility of donations etc. Even though you are NOT the attorney you need to verify Your state laws regarding type of entity etc. Warning Will Robinson Warning. lbb Quote Link to comment Share on other sites More sharing options...
taxguy057 Posted December 18, 2008 Author Report Share Posted December 18, 2008 Well ibb, its a diabetic treatment clinic that helps keep diabeteics healthy enough so they wont run up large expenses at area hospitals. The money comes from grants and private contributors. We're talking millions of dollars per year.... that help any in what i may be embarking on?? Quote Link to comment Share on other sites More sharing options...
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