Filling out the Indiana NP-20 form can be a straightforward task, but many people make common mistakes that can lead to delays or complications. Understanding these pitfalls can help ensure a smooth filing process.
One frequent mistake is neglecting to check the appropriate box for changes in address or report status. If your organization has moved or is submitting an amended report, indicating this clearly is crucial. Failing to do so may result in confusion or miscommunication with the Indiana Department of Revenue.
Another common error involves not providing a complete and accurate Federal Employer Identification Number (FEIN). This number is essential for identifying your organization, and missing or incorrect information can lead to processing delays. Double-check this number before submitting your form.
Many organizations also forget to attach the required federal return, such as Form 990, 990EZ, or 990PF. If your organization has unrelated business income exceeding $1,000, you must file Form IT-20NP as well. Omitting these documents can lead to penalties or additional inquiries.
When it comes to the current information section, some people overlook the need to indicate the number of years the organization has been in existence. This detail helps the state understand the stability and history of your nonprofit. Leaving this blank can raise questions about your organization’s legitimacy.
Changes to governing documents, like bylaws or articles of incorporation, must be reported. If there have been any updates that haven’t been previously communicated, you must attach a detailed description of those changes. Failing to disclose this information could result in compliance issues down the line.
Another mistake involves not providing a complete list of current officers. The NP-20 form requires you to attach a schedule with names, titles, and addresses. This information is vital for transparency and accountability, so ensure that it is thorough and accurate.
When describing your organization’s mission, some individuals write vague or overly complex statements. Clarity is key. A concise and straightforward description helps the state understand your purpose and can prevent misunderstandings.
People often forget to include a daytime telephone number for the contact person listed on the form. This number is essential for any follow-up questions or clarifications the Department of Revenue may have. Make sure it’s accurate and easy to read.
Lastly, don’t overlook the declaration statement at the bottom of the form. This section requires a signature from an officer or trustee. Skipping this step can render your submission invalid, leading to unnecessary delays. Always double-check that this is signed and dated.
By being aware of these common mistakes, you can enhance the accuracy of your NP-20 form submission. Taking the time to review each section carefully will save you from potential headaches and ensure your organization remains in good standing with the state.