[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-302603-105":3,"detail-sidebar-cat-1-en-105":80,"doc-detail-302603-en":126},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":73,"head_meta":75,"extra_data":77,"updated_unix":79},105,"en","financial-reporting-requirements-2013","Financial Reporting Requirements - 2013","","Financial Reporting Requirements addresses accounting and income tax obligations for small not-for-profit organizations in Wisconsin, especially river and watershed groups. It explains when WI Chapter 181 nonstock corporations must file IRS Form 1120 and Wisconsin Form 4, how taxable income may arise when net income is generated, and when organizations must pursue tax-exempt recognition rather than treating income as exempt. It also covers application rules for IRS Form 1023, thresholds for automatic exemption, filing timing, and expectations for handling contributions while tax-exempt status is pending.",{"@graph":14,"@context":72},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/general/","General",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/financial-reporting-requirements-2013/302603/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/financial-reporting-requirements-2013/302603.png","ImageObject",442,249,{"name":42,"@type":43},"Đào","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-09-23","2026-09-19",true,{"@type":52,"interactionType":53,"userInteractionCount":30},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58,64,68],{"name":59,"@type":60,"acceptedAnswer":61},"What forms must WI Chapter 181 nonstock corporations file if they are not tax-exempt?","Question",{"text":62,"@type":63},"Unless the corporation has applied for or received tax-exempt status, an active WI Chapter 181 corporation must file IRS Form 1120 and Wisconsin Form 4 to report revenue, expenses, taxable income, and any income tax due.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"When are charitable organizations automatically exempt from filing IRS Form 1023?",{"text":67,"@type":63},"An organization operating in accordance with Section 501(c)(3) is automatically exempt if it normally has annual gross receipts of not more than $5,000.",{"name":69,"@type":60,"acceptedAnswer":70},"What happens if a corporation receives contributions while its tax-exempt application is still pending?",{"text":71,"@type":63},"Organizations apply for recognition by filing IRS Form 1023; if Form 1023 is filed within 15 months of the end of the month of incorporation, the exemption is recognized from the incorporation date, with an optional 12-month automatic extension that preserves the dating from inception if filed in time.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},302603,1789794455,{"code":4,"msg":81,"data":82},"success",[83,88,93,98,103,108,113,118,123],{"id":84,"doc_module":22,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},11,"Presentations",90,"presentations",{"id":89,"doc_module":22,"doc_module_name":25,"category_name":90,"show_sort_weight":91,"slug":92},12,"Resumes",80,"resumes",{"id":94,"doc_module":22,"doc_module_name":25,"category_name":95,"show_sort_weight":96,"slug":97},14,"Invoices",70,"invoices",{"id":99,"doc_module":22,"doc_module_name":25,"category_name":100,"show_sort_weight":101,"slug":102},15,"Posters",60,"posters",{"id":104,"doc_module":22,"doc_module_name":25,"category_name":105,"show_sort_weight":106,"slug":107},16,"Social Media",50,"social-media",{"id":109,"doc_module":22,"doc_module_name":25,"category_name":110,"show_sort_weight":111,"slug":112},17,"Forms",40,"forms",{"id":114,"doc_module":22,"doc_module_name":25,"category_name":115,"show_sort_weight":116,"slug":117},18,"Letters",30,"letters",{"id":119,"doc_module":22,"doc_module_name":25,"category_name":120,"show_sort_weight":121,"slug":122},21,"Paper Templates",5,"papers-templates",{"id":124,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":4,"slug":125},158,"general-158",{"code":4,"msg":81,"data":127},{"doc_id":78,"user_id":128,"nickname":42,"user_avatar":129,"doc_module":22,"category_id":124,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":30,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":121,"language":135,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":12,"update_tm":79,"read_time":26},1374402968488,"https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0","Watershed Advocate Toolkit: A Series of Helpful Tools for River and Watershed Advocates  \nFinancial Reporting Requirements  \nPlease note: the following information is provided in response to general questions about the reporting requirements for small not-for-profit organizations in Wisconsin. If you are in any doubt about how the responses apply to your organization, you should consult a knowledgeable Certified Public Account (CPA) or attorney.  \nThe River Alliance of Wisconsin asked river and watershed groups to share accounting and financial reporting questions. This document provides responses, prepared by a CPA, for these four issues:  \no Reporting income tax for WI Nonstock Corporations that are not tax-exempt  \no Operating as tax-exempt without filing a federal application  \no Accepting contributions while your tax-exempt status is pending  \no Reporting raffle income  \nIncome tax reporting – non-exempt organizations  \nQ: Many Wisconsin river groups become Chapter 181 Nonstock Corporations in order to accept DNR River Protection and other grants. What tax and financial reporting requirements do these groups have?  \nA: Unless it has applied for or received tax-exempt status, 1 every active corporation (WI Chapter 181) is required to file IRS Form 1120, U.S. Corporation Income Tax Return to report revenue, expenses, taxable income, and income tax due (if any) for the year. In addition, the State of Wisconsin requires corporations organized under Wisconsin law to file Form 4, Wisconsin Corporation Franchise or Income Tax Return.  \nA corporation that has not applied for or received tax-exempt status and that has generated net income during a particular year may be required to pay federal and state tax on its income. For example, a corporation that receives more gift and grant income than it spendsin a particular year may incur income tax liability. On the other hand, a corporation that receives a grant for $10,000 and also has $10,000 in expenses would owe no tax. However, if it has not applied for recognition of tax-exempt status, the corporation may still need to file IRS Form 1120 and Wisconsin Form 4.  \nAs discussed in the next section, certain small organizations are permitted to conduct business as a tax-exempt organization without applying for formal recognition of tax-exempt status. Therefore, it is important that you understand the rules governing application for taxexempt status, and that your organization applies for tax-exempt status when required.  \n1 Environmental organizations usually obtain tax-exempt status under Internal Revenue Code Section 501(c)(3) because their mission is “charitable, scientific, or educational.” But there are other Code sections under which tax-exempt status may be granted.  \nFinancial Reporting-1  \nRiver Alliance of Wisconsin  \nApplying for exempt status  \nQ: Under which circumstances are charitable organizations exempt from filing IRS Form 1023?  \nA: Charitable organizations apply for exempt status by filing IRS Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. However, certain organizations are not required to file Form 1023. Specifically, an organization that operates in accordance with the requirements of Section 501(c)(3) is automatically exempt if it “normally has annual gross receipts of not more than $5,000 .”Thus, a small corporation (with annual gross receipts of $5,000 or less) that is operated exclusively for religious, charitable, scientific, literary, or educational purposes need not file Form 1023 in order to obtain exemption from the income tax reporting requirements that apply to other corporations.  \nAn organization will be considered not to have annual gross receipts in excess of $5,000 if any one of the following applies:  \no During its first tax year the organization received gross receipts of $7,500 or less.  \no During its first two years the organization had a total of $12,000 or less in gross receipts.  \no","cbCaibU233VcLeIY","https://ap.wps.com/l/cbCaibU233VcLeIY","pdf",252212,"English","# Reporting income tax – non-exempt organizations\n## IRS and Wisconsin filing requirements for WI nonstock corporations\n## Income tax liability and grant/expense scenarios\n# Applying for exempt status\n## When charities are exempt from IRS Form 1023\n## Gross receipts thresholds and filing deadlines\n## Examples of filing vs. exemption\n## Where to find further guidance\n# Accepting income before tax-exempt\n## Rules for contributions during pending status","[{\"question\":\"What forms must WI Chapter 181 nonstock corporations file if they are not tax-exempt?\",\"answer\":\"Unless the corporation has applied for or received tax-exempt status, an active WI Chapter 181 corporation must file IRS Form 1120 and Wisconsin Form 4 to report revenue, expenses, taxable income, and any income tax due.\"},{\"question\":\"When are charitable organizations automatically exempt from filing IRS Form 1023?\",\"answer\":\"An organization operating in accordance with Section 501(c)(3) is automatically exempt if it normally has annual gross receipts of not more than $5,000.\"},{\"question\":\"What happens if a corporation receives contributions while its tax-exempt application is still pending?\",\"answer\":\"Organizations apply for recognition by filing IRS Form 1023; if Form 1023 is filed within 15 months of the end of the month of incorporation, the exemption is recognized from the incorporation date, with an optional 12-month automatic extension that preserves the dating from inception if filed in time.\"}]","Financial Reporting Requirements - 2013 | PDF"]