Thanks for mentioning the national org - I didn't think about that! I just checked our member portal and it looks like they actually do have some resources specifically for chapter treasurers. Apparently they even host a monthly zoom call where they answer tax questions from chapter officers. Do you know how soon after our fiscal year ends we need to file? Our fiscal year follows the academic year and ended May 31st.

The 990-N is due by the 15th day of the 5th month after your fiscal year ends. So with your May 31st fiscal year end, you'd need to file by October 15th. That's good news about your national organization resources! Those monthly calls could be incredibly valuable, especially if you have any fraternity-specific questions that general tax advice wouldn't cover. Many national Greek organizations have dealt with these exact issues across hundreds of chapters for decades, so they often have very specific guidance that's tailored to your situation.

Yeah this is important. My fraternity had to file a 990-EZ even though our income was under 50k because we were classified as a social club not a charitable org. Found out the hard way after doing the 990-N incorrectly for 2 years.

This is so important! I got hit with a huge penalty for not filing FBAR even though I reported all my income correctly. The FBAR deadline is actually April 15 now, same as taxes, but with an automatic extension to October.

I hadn't even thought about the state tax implications! Do you know if all states have these non-resident taxes on property sales, or does it vary by state? The property is in Missouri, and I live in Colorado if that helps.

It definitely varies by state. Missouri does have a requirement for non-resident withholding on real estate sales. They generally require 2% of the sale price to be withheld, but the exact requirements depend on your specific situation. You'll want to look into Form MO-2NR (Statement of Income Tax Paid) which the buyer may need to complete. However, if your sale qualifies for certain exemptions, you might avoid the withholding. Missouri has specific rules about when withholding is required for non-residents. After the year ends, you'll need to file a Missouri non-resident state tax return to report the gain and potentially get a refund of any excess withholding. The good news is that Colorado will generally give you a credit for taxes paid to Missouri to avoid double taxation.

A 1031 exchange wouldn't work well here. Those are for investment or business property, and inherited land that's being partially sold to family doesn't typically qualify. Plus, 1031 exchanges have strict timing requirements (45 days to identify replacement property, 180 days to close) and require a qualified intermediary to hold funds. Doesn't sound like what OP needs.

Is this the "Get Transcript" feature? I looked at that but got confused about which option to select.

Yes, it's through the Get Transcript service. You'll need to select "Wage and Income Transcript" when prompted for the type of transcript. This will show information from forms submitted to the IRS including W-2s and 1099s. Creating an account can be a bit of a process since they've increased security measures. You'll need your ID, social security number, and some financial account numbers for verification. Once you're in, you can access transcripts for the current tax year and previous years.

This! Employers sometimes do this when they haven't been paying the proper employment taxes. Definitely report them to both the IRS and state labor board. Make them face consequences!

Do we need to request transcripts before filing amendments? I assumed I just need my original return copy. Also, how far back can you amend returns? I might have similar issues with my 2021 taxes.

You don't absolutely need transcripts before filing amendments, but they're extremely helpful to ensure you have the exact information the IRS has on file. Having your own copy of your return is good, but the transcript shows how the IRS actually processed it, which sometimes differs from what you submitted. For amended returns, you generally have 3 years from the original filing date or 2 years from when you paid the tax, whichever is later. So for 2021 taxes (typically filed in 2022), you should still be within the amendment window for the 2025 filing season. I'd recommend grabbing the transcript though - it makes the amendment process much smoother when you can see the IRS's internal codes and processing marks.

That's a good point about tax preparers! My accountant uses checkmarks and little symbols all over my returns before submitting. I always thought it looked so messy but I guess that's their system.

Thanks for bringing this up! I double-checked, and you're right - the documents are actually from my tax preparer's office, not directly from the IRS. They sent me copies of what they submitted. That makes so much more sense why there are these little marks all over them. I feel kinda silly now for worrying, but at least I understand what I'm looking at. Guess my preparer was just marking things they verified before submitting. Learning something new about taxes every day!