You also need to attach a list of all board members and there phone numbers and address.
Non profits do file a 990 or 990ez.

Misinformed, let's start with step one. Do you know who owns the bank account where your group's money is kept? Is it a school account? If you are not 100% sure of whose tax id number was used to open the account, go to the bank and find out. Some PTOs are banking under the school's tax id number, and mistakenly assume the account belongs to the PTO. Some PTOs even keep their money in a personal checking account (yikes!). If the bank account is under a tax id that was set up specifically for your PTO, then you need to consider tax implications. But don't panic.

I am not a tax expert, but I have been involved with the PTO for a few years now. We are a 501c3 and so we get to fill out the 990 form for the IRS.

I thought if you were not a Non-Profit, you needed to fill out real tax forms (1040?) and pay taxes. I thought that was the benefit of achieving Tax-Exempt status as a 501c3. I think just having an EIN means the IRS knows about uyou and will expect to see some paperwork from your group once a year.

You should probably check with a CPA or other qualified tax professional - hopefully there is a good one in your PTO (or a neighboring school)

The 4 1/2 months after close of fiscal year is correct.

But to followup on ihad2muchcoffee's example, wouldn't you report the proceeds as $20K, expenses of $10K and then only pay a tax on the profit of $10K (assuming you are not Tax-Exempt).

Oh gosh! Tax time! I'm assuming your group has an EIN from the IRS.

If your group made more than $25,000, then yes, you report ALL of your income. If your group made under $100,000, you should fill out the 990EZ; over $100,000 fill out the 990 Long Form. (Both are available at www.IRS.gov)

Don't forget to complete and mail Schedule A along with your return!

Even if your group earned under $25,000, you should fill out the top portion of the 990EZ, check the box that says your group earned under $25,000, leave the rest blank, sign it and mail it off!

Your return is due 4 months and 15 days after the last day of your financial period. Our financial period ends June 30, so our returns are due November 15.

Just a note--you must report all of the income you deposit into your bank account. For instance, let's say you did a wrapping paper fundraiser and earned $20,000. Eventhough your cut was 50 percent of the sales ($10,000) you must report the entire $20,000 you deposited into your bank account.

Hope this helps!

Does any one know if we have to report any of our yearly fundraising income to the IRS. If so, when and how is this done?