IRS AND DOL REPORTING REQUIREMENTS:
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IRS AND DOL REPORTING REQUIREMENTS: BE AWARE OF ALL THE RECENT CHANGES! PANEL DISCUSSION ON UNION FILINGS OF GOVERNMENTAL REPORTS PowerPoint PPT Presentation


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IRS AND DOL REPORTING REQUIREMENTS: BE AWARE OF ALL THE RECENT CHANGES! PANEL DISCUSSION ON UNION FILINGS OF GOVERNMENTAL REPORTS Presented by the AFSCME Auditing Department. Program Presenters. AFSCME Auditors: - Tom Kulikosky, CIA, CPA Assistant Director, Auditing

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IRS AND DOL REPORTING REQUIREMENTS: BE AWARE OF ALL THE RECENT CHANGES! PANEL DISCUSSION ON UNION FILINGS OF GOVERNMENTAL REPORTS

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Irs and dol reporting requirements be aware of all the recent changes panel discussion on union filings of government

IRS AND DOL REPORTING REQUIREMENTS:

BE AWARE OF ALL THE RECENT CHANGES!

PANEL DISCUSSION ON UNION FILINGS OF GOVERNMENTAL REPORTS

Presented by the AFSCME Auditing Department


Program presenters

Program Presenters

AFSCME Auditors:

- Tom Kulikosky, CIA, CPA Assistant Director, Auditing

- William Del Pino, CPA

- Cathy German, CPA

- Karen Tyler

Special Guest - Dave Dorsey, CPA

Partner, Bond Beebe CPAs

AFSCME External Auditor


Irs and dol reporting requirements be aware of all the recent changes panel discussion on union filings of government

Governmental Reporting

Today, we will discuss the Following Reports that Your Affiliate May be Required to File:

Due Date

-IRS Payroll Forms 941, 940 & W-2Various

-IRS Form 990, 990EZ and 990NMay 15th *

-IRS Form 1120-POLMarch 15th *

-DOL Form LM-2/3/4 March 3st *

* Calendar-Year Filers


Irs and dol reporting requirements be aware of all the recent changes panel discussion on union filings of government

Governmental Reporting - Payroll

  • If your affiliate pays officer allowances or stipends,reimburses dues, makes lost time payments or has anyother taxable payments to officers or employees, thefollowing IRS forms must be filed:

  • IRS Form W-2, IRS Form W-3, IRS Form W-4

  • IRS Form 941 filed quarterly

  • IRS Form 940 filed annually

    USE OF A PAYROLL SERVICE (ADP, PAYCHEX) IS RECOMMENDED


Irs form 990 990 ez and 990n

IRS Form 990, 990-EZ, and 990N

For Tax Year 2009 Form 990 - File if your affiliate meets these requirements

- Gross Receipts are $500,000 or above OR

- Total Assets are $1,250,000 and above

Form 990-EZ - File if your affiliate meets BOTH of these requirements

- Gross Receipts are $25,001 to $499,999 AND

- Total Assets are below $1,250,000

Form 990-N - File if your affiliate’s annual Gross Receipts are $25,000 or less regardless of your affiliate’s Total Assets

ALL FORMS DUE by MAY 15th FOR CALENDAR YEAR FILERS

THERE ARE SUBSTANTIAL PENALTIES FOR LATE FILING


Irs form 990 990 ez and 990n1

IRS Form 990, 990-EZ and 990N

For Tax Year 2010

Form 990 - File if your affiliate meets these requirements

- Gross Receipts are $200,000 and above OR

- Total Assets are $500,000 and above

Form 990-EZ - File if your affiliate meets BOTH of these requirements

- Gross Receipts are $50,001 to $199,999 AND

- Total Assets are below $500,000

Form 990-N - File if your affiliate’s annual Gross Receipts are $50,000 or less regardless of your affiliate’s Total Assets

ALL FORMS DUE by MAY 15th FOR CALENDAR YEAR FILERS

THERE ARE SUBSTANTIAL PENALTIES FOR LATE FILING


Irs form 990n

IRS Form 990N

All Locals who do not otherwise file a 990 or 990-EZ Form regardless of size are now required to file a 990-N Form

  • “e-Postcard” Format on the Internet

  • Requires EIN Number, name of principal officer and address of local union

  • an email address is also required

  • Due by May 15th for Calendar-Year Filers


Irs form 990 990 ez and 990 n

IRS Form 990, 990-EZ and 990-N

  • The IRS can revoke tax exemption status if a Local does not file the Form 990-N for three straight years

  • There are monetary penalties for late filing of Forms 990 and 990-EZ

  • Affiliates who are required to File IRS Form 990’s should use a CPA or Accountant, Affiliates filing 990-EZ’s should also consider professional assistance

  • The International sends out yearly mailings regarding IRS Form 990 Filing Requirements - Refer to the Mailings

  • Contact the Auditing Department of AFSCME if you have further questions or problems completing the Forms


Irs form 1120 pol

IRS FORM 1120-POL

The IRS 1120-POL is an income tax return for locals who BOTH make political contributions over $100 AND have interest income over $100 per year

Affiliates required to file 1120-POL will pay Income Taxes to the IRS

A separate Segregated PAC Fund may exempt you from filing the Form 1120-POL

The 1120-POL filing deadline is March 15th for calendar year filers.

Regulations for political contributions are complicated and vary from state to state-States and Localities have their own filing requirements.

Seek Professional Assistance to ensure compliance with all applicable federal, state and local laws


Lm dol reports

LM (DOL) REPORTS

The Labor-Management Reporting & Disclosure Act of 1959 (LMDRA) as amended requires that certain reports be filed with the Department of Labor by labor organizations that represent employees who work in private industry.


Lm 1 reports

LM-1 REPORTS

LM-1 - Labor Organization Information Report - an initial form that must be filed with the DOL when a labor organization represents private sector employees

An amended LM-1 must be filed with the DOL when there are certain changes to a labor organization’s constitution and bylaws or practices and procedures


Lm reports

LM REPORTS

Which LM Report Does your Affiliate File?

LM-2, if total annual receipts are $250,000 or more

LM-3, if total annual receipts are $10,000 or more, but less than $250,000

LM-4, if total annual receipts are less than $10,000


Lm 2 reports

LM-2 REPORTS

LM-2 is the most detailed report requiring completion of 21 informational items, 47 financial items and 20 supporting schedules

LM-2 requires that disbursements be reported by functional categories

LM-2 reports must be filed electronically with digital signatures of the officers

Reports are due to the DOL 90 days from the end of the fiscal year

Get a CPA or accountant to assist you in filing this LM Report


Lm 3 and lm 4 reports

LM-3 and LM-4 REPORTS

LM-3 and LM-4 are less detailed but still require significant amounts of financial information

LM-3 and LM-4 reports can be filed either electronically or a signed paper copy can be sent to the Department of Labor

The signatures of the President and Treasurer of the union are required

Reports are due to the DOL 90 days from the end of the fiscal year

Consider a CPA or accountant to assist you in filing these LM Reports


Public disclosure

Public Disclosure

  • The Forms 990 and LM are Public Documents Open to Inspection

  • Ensure that you maintain copies of the filed forms in a location that can be readily accessed if needed

  • Any filed Department of Labor LM forms can also be downloaded from the DOL website.


Secretary treasurer s training

Secretary-Treasurer’s Training

This class covers only a small portion of what you will learn by attending one of our regular Secretary-Treasurer TrainingWorkshops

Secretary-Treasurer’s Training is highly recommended for allunion officers

Contact your Council or (Unaffiliated) Local to have them schedule training in your Area


For more information

For More Information

AFSCME Auditing Department

 202-429-5032

 www.afscme.org

AFSCME Financial Standards Code web page:

http://www.afscme.org/publications/1717.cfm


Questions answers

Questions & Answers


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