Taxes & Audits
Taxes
You can file the 990-N electronic postcard online if your unit typically has gross income normally are less than $50,000.00 you can file your taxes with the IRS.
If your unit has gross income of more than $50,000.00 you will need to file a paper 990 or 990-EZ form.
Please keep in mind that the IRS will not charge you to file your unit’s taxes. If you are asked to pay a fee, do not file and check the link to ensure it is through the IRS.
Don’t know your unit’s fiscal year? Don’t worry! You can find it here: https://apps.irs.gov/app/eos
Audits (Financial Review)
Auditing involves examining financial records and transactions to ensure that receipts have been properly accounted for and expenditures have been properly authorized and recorded, in conformity with PTA bylaws, standing rules and budget limitations.
Internal financial review is conducted by an internal committee. This review is recommended for units whose gross receipts are less than $50,000 annually. This committee should not include anyone with signature authority over the PTA’s bank account or any relatives to a person with signature authority. The committee periodically reviews all of the Treasurer’s records for errors. Contact Iowa PTA tif you require guidance or support for internal financial reviews.