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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- 990-T Improper Proxy Tax
990-T Improper Proxy Tax
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Dave F
Level 2
09-17-2024
03:41 PM
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Hello, we are a 501(c)(6) trade org that files 990 and 990-T. On Sch C of 990, we report our lobbying totals and compare to what was on our dues notices for the year.
If you underestimated on your dues notices, you can pay a proxy tax, or add the additional lobby $$ to the next year's estimate of lobbying totals. We chose to add the additional lobby costs to our 2024 lobby totals, but the 990-T is still computing the proxy tax due for 2023, with no way to override it to Zero it out.
Anyone else have this issue, and how did you resolve?
