Complete Nonprofit Audit & Tax Services
Expert nonprofit accounting professionals handling your complete tax and audit needs. Form 990 preparation, financial audits, compliance consulting. Free consultation with nonprofit tax specialist. Let us handle compliance so you focus on mission. No obligation.
Why NOVA Nonprofits Trust Us With Audit & Tax Services
15+ years serving NOVA nonprofits. CPAs specializing in 501(c)(3) organizations. We understand nonprofit accounting, IRS requirements, state compliance, grant management. Your mission matters to us. Professional expertise applied to your nonprofit’s success.
Form 990 Preparation & Filing
Expert Form 990 preparation ensuring accurate IRS filing and compliance. We handle all schedules and supplemental forms based on your organization's size and complexity. Timely filing protects your tax-exempt status. Accurate reporting builds donor confidence.
Independent Financial Audits
Professional audit services testing internal controls, verifying transactions, and ensuring financial statement accuracy. Audited statements demonstrate accountability to donors and grantors. Full audit report with management letter and recommendations for improvement.
Grant Compliance & Management
Federal grant recipients face additional audit and compliance requirements. We ensure compliance with Single Audit requirements, federal compliance supplement, and grant-specific reporting obligations. Protect your grant funding through proper compliance.
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Nonprofit Tax Specialist | 15+ Years Experience
Our CPAs are nonprofit tax specialists with deep expertise in 501(c)(3) taxation, Form 990 preparation, nonprofit accounting standards, and grant compliance. We specialize exclusively in nonprofit services. Your nonprofit gets professionals who understand your unique needs.
Trusted by 200+ NOVA Nonprofits
For 15+ years, NOVA nonprofits have relied on our expert services. Schools, colleges, churches, foundations, charities, arts organizations, social service agencies. From small grassroots organizations to large institutions. We have the experience your nonprofit needs.
Frequently Asked Questions
Not always. Form 990 is required for most nonprofits with gross receipts over $50,000. An audit is required for nonprofits with $750,000 or more in gross annual receipts per Virginia law. Larger nonprofits with federal grants often require Single Audits. We assess your specific requirements and recommend what your nonprofit needs.
Virginia nonprofits with gross annual revenue of $750,000 or more must provide a financial review by an independent CPA. Those with $1 million or more typically need a full audit. Nonprofits receiving federal grants may require Single Audits regardless of size. We determine your audit requirements based on Virginia law and federal grant regulations.
Timeline depends on organization size, record quality, and complexity. Most nonprofits complete audit and tax preparation within 4-6 weeks. Larger organizations or those with grant funding take longer. We plan the timeline carefully to minimize disruption to your operations. We communicate regularly so you know what to expect.
Many nonprofits have weak internal controls. Our audit identifies control deficiencies and provides recommendations to strengthen them. A management letter outlines findings and suggestions. Strengthening controls protects your organization from fraud and errors. We help you implement better controls throughout the year.
Yes. Nonprofits receiving $750,000 or more in federal awards in a single year must undergo a Single Audit. This specialized audit tests compliance with federal grant requirements and federal compliance supplement. Our nonprofit tax specialists handle Single Audits and ensure complete federal compliance.
We're proud to be LOCAL! Our office is right here in Ashburn, VA, serving businesses and individuals throughout Northern Virginia and Washington DC since 2011. You can meet with us in person if you prefer. We also offer remote/virtual consultations and secure file transfers for convenience. Whether you want face-to-face meetings or prefer working remotely, we're flexible. Many clients appreciate having a local CPA they can call and meet with when they need in-person advice.
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Understanding Nonprofit Tax Requirements in Virginia
Nonprofit organizations operating in Virginia must comply with both federal and state tax requirements to maintain their tax-exempt status. The process is complex but essential. Understanding your obligations ensures your organization remains compliant and continues operating without IRS interference.
Federal Tax Requirements for Virginia Nonprofits
The Internal Revenue Service requires most tax-exempt 501(c)(3) organizations to file annual returns with the federal government. The type of return depends on your organization’s size and structure. Nonprofits with gross annual receipts of $50,000 or less can file Form 990-N, an electronic notice. Organizations with gross receipts between $50,000 and $200,000, or total assets under $500,000, typically file Form 990-EZ. Larger organizations with gross receipts of $200,000 or more or total assets of $500,000 or more must file the complete Form 990. For detailed federal requirements, reference the IRS Exempt Organizations section at https://www.irs.gov/charities-non-profits.
Virginia State Tax Compliance Requirements
Virginia recognizes federal tax exemption, but nonprofits must also comply with state requirements. According to Virginia Department of Revenue, nonprofits must submit a copy of their federal Form 990, 990-EZ, or 990-PF to the Virginia Department of Taxation each year. The filing deadline is the 15th day of the 5th month after your nonprofit’s fiscal year ends. For example, if your fiscal year ends December 31, your Virginia filing is due by May 15. Additional information about Virginia nonprofit tax compliance is available at https://www.tax.virginia.gov/nonprofit-organizations.
Form 990 Filing Deadlines and Extensions
Form 990 filing deadlines are critical. The return is typically due 5 months after your nonprofit’s fiscal year ends. If your fiscal year ends December 31, your Form 990 is due May 15. If your fiscal year ends June 30, your return is due November 15. Automatic extensions can be requested using Form 7004, extending the deadline by 6 months. However, the IRS may charge failure-to-file penalties if you miss the extended deadline. Proper planning ensures timely filing without extensions.
Nonprofit Audit Requirements in Virginia
Virginia law specifies audit requirements based on nonprofit size. According to the Virginia Department of Taxation guidelines available at https://www.tax.virginia.gov/nonprofit-organizations, nonprofits with gross annual revenue of at least $750,000 in the previous year must provide a financial review performed by an independent CPA. Nonprofits with $1 million or more in gross annual revenue may require a full independent audit instead of a review. Private foundations have different requirements under federal law. We evaluate your nonprofit’s size and structure to determine audit requirements.
Single Audit Requirements for Federal Grant Recipients
Nonprofits receiving federal grant awards face additional audit requirements. Organizations receiving $750,000 or more in federal awards in a single year must undergo a Single Audit per 2 CFR Part 200, also known as the Uniform Guidance. The Single Audit tests compliance with federal grant requirements and examines your organization’s internal controls over federal spending. This is more comprehensive than a standard nonprofit audit. The audit must be performed by a qualified independent auditor and submitted to the Federal Audit Clearinghouse. For details on Single Audit requirements, refer to https://www.irs.gov/charities-non-profits/audit-requirements-for-nonprofit-organizations.
Charitable Solicitation Registration in Virginia
Nonprofits that solicit charitable contributions in Virginia must register with the Virginia Department of Charitable Solicitation. Registration demonstrates compliance with Virginia charitable solicitation regulations. Annual renewal is required if your nonprofit continues soliciting donations. The registration process is managed through Nonprofit Online at https://www.nonprofit.virginia.org. Failure to register or renew can result in penalties and restrictions on fundraising activities.
IRS Form 990 Schedules and Supplemental Forms
The complexity of Form 990 depends on your organization’s activities and structure. Most nonprofits complete the main form and Schedule O for organization description. Additional schedules may be required. Schedule A covers public charity status and support information. Schedule B identifies donors. Schedule C covers political activity. Schedule D addresses capital gains. Schedule J covers compensation information for officers and key employees. Schedule L covers transactions with interested persons. Our nonprofit tax specialists ensure all required schedules are completed accurately based on your organization’s activities.
Grant Accounting and Compliance Requirements
Nonprofits receiving federal or state grants must maintain separate accounting for grant funds. Grant agreements specify how funds can be spent, documentation requirements, and reporting obligations. Poor grant accounting can result in loss of funding and legal penalties. Proper grant accounting involves tracking grant expenses separately, maintaining detailed documentation, and reporting grant activities as required. We help nonprofits establish accounting systems ensuring grant compliance throughout the grant period.
Nonprofit Financial Reporting Standards
Nonprofit accounting follows specific standards established by the Financial Accounting Standards Board. Form 990 requires nonprofits to categorize revenue and expenses according to functional classifications. Program services expenses are separated from management and fundraising expenses. This functional expense classification shows donors and grantors how effectively the nonprofit uses resources for its mission. Proper accounting systems ensure accurate functional expense reporting on Form 990.
Tax-Exempt Status Maintenance Requirements
Maintaining 501(c)(3) tax-exempt status requires ongoing compliance. Annual Form 990 filing is essential. Prohibited activities can jeopardize status. Unrelated business income above certain thresholds may trigger additional tax obligations. Political activity restrictions limit campaign involvement. Excess benefit transactions with officers are prohibited. Private inurement rules prevent profits benefiting individuals. We monitor your nonprofit’s compliance with tax-exempt status requirements throughout the year.
State Nonprofit Corporate Requirements
Virginia nonprofits must maintain corporate status through compliance with Virginia state law. This includes annual corporate filings, board meeting documentation, and governance compliance. The Virginia State Corporation Commission oversees nonprofit corporate registration and filings. Details are available at https://www.scc.virginia.gov. Failure to maintain corporate compliance can result in loss of nonprofit status and liability issues.