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Come Join Us! Tuesday, January 19, 2016 from 5:00 - 6:30 pm in Stowe/Morrisville

Have you started planning for your future?  What will happen to your loved ones, your home and other assets if something were to happen to you?  Come join us for an Estate Planning Seminar on Tuesday, January 19th from 5-6:30pm in the Stowe/Morrisville area.  WE will be giving an overview of the estate planning process and answering your questions.  You will have the ability to make an appointment to meet with either of the co-hosts, Lisa M. Campion, Esq., estate planning attorney, or Rich Jacobs, Edward Jones Financial Advisor, at the Seminar so we can follow up to help you answer any specific questions you may have.  If you would like to attend, learn more, or attend a future seminar, please email Lisa M. Campion, at lcampion@galevtlaw.com.


Filing IRS Form 990

Many questions arise each year from businesses required to file Form 990.  Form 990 is an annual reporting return that most federally tax-exempt organizations and all 501(c)(3) private foundations, regardless of income must file with the IRS. Those that do not need to file Form 990 are nonprofits that have not received tax-exempt status from the IRS, most faith-based organizations, state institutions, subsidiary organizations covered under a group return filed by the parent organization.  You should consult the IRS guidelines to ensure where your organization falls.  The Form 990 provides information on the filing organization’s mission, programs, and finances.  Form 990 must be filed by the 15th day of the 5th month after the nonprofit’s fiscal year ends.  Organizations that file Form 990-EZ, 990, or 990-PF can also receive up to two 90-day extensions of time to file. There are different versions of Form 990.  This includes 1) Form 990-PF which is filed by all 501(c)(3) private foundations and 4947(a)(1) non-exempt charitable trusts; 2) Form 990-N (“ePostcard”) is an eight-question, electronic return that a nonprofit may file if its gross receipts are normally <$50,000; 3) Form 990-EZ is a two-page return that a nonprofits may file if its gross receipts for a tax year were <$200,000 and assets were <$500,000; 4) Form 990 is the “long form” that all other 990 filers must file if their gross receipts were =$200,000 or assets =$500,000.  If you are unfamiliar with filing Form 990, please seek the advice of knowledgeable tax professionals and attorneys who can assist you in the process.


Annual Reporting

If you own a Vermont business, you will need to file an annual report with the Secretary of State to maintain good standing.  If your business is a profit corporation, profit cooperative corporation, or a limited liability company, you must renew your business registration each fiscal year by filing an annual report each year within the first two and a half months following the fiscal year end on record with the Vermont Office of the Secretary of State.  For example: If your fiscal year end on record is December, your annual report is due anytime between January 1 and March 15 each year.  If your business is a limited liability partnerships or a mutual benefit enterprises, you must renew your business registration each calendar year following registration by filing an annual report anytime between January 1 and April 1 each year following your initial registration (regardless of fiscal year end). If your business is a nonprofit corporation or a nonprofit cooperative corporation, you must renew your nonprofit registration every two years, beginning the first year following initial registration, by filing a biennial report anytime between January 1 and April 1.