The CPA Firm for the Grand Lodge
The Fraternal Order of Police relies on Sassetti CPAs. For over thirty years we have been providing audit, accounting, tax, and advisory support to the Grand Lodge. We are active at FOP events, understand Lodge specific accounting related needs, and help Lodges with their financial reporting and strategies.
FOP Specific Services
Many Lodges experience a lapse in their IRS non-profit exemption. If this occurs, their non-profit status is lost, and needs to be re-established.
Let an FOP knowledgeable firm handle those details.
- 990, 990-N, 990-EZ. These tax returns need to be filed annually and ensure a Lodge is properly registered. The IRS, state, and local tax authorities are enforcing tax exempt status violations because they are seeking tax revenues. If a Lodge does not file for three consecutive years, it automatically loses its tax-exempt status and reinstatement is needed. We help Lodges avoid this pain and expense.
- Audits. We handle a Lodges financial statement audit needs.
- Accounting. A Lodge can outsource their accounting to us, or we can provide accounting oversight. We can update a Lodges QuickBooks software, help set up a Lodge on QuickBooks for the first time, provide training and answer any related questions.
- Internal Controls. 1 in 8 non-profits are defrauded annually. We can review or test controls, and make recommendations for improvements.
- Charitable Status Needs. Most Lodges are not registered 501(c)(3) charitable organizations, this can be confusing. A Lodge is a fraternal organization, 501(c)(8), and not a charitable organization. If a Lodge conducts community outreach programs and has tax-deductible donations going through the fraternal Lodge, this is a violation that puts a Lodge at risk for IRS penalties and possible revocation of tax exempt status. The IRS has expanded their focus on organizations such as Lodges, we can explain and set-up a 501(c)(3) if needed.
More Than Just Lodge Support
Beyond maintaining a Lodges financial compliance, we can assist with:
- IRS exemption; registration & review
- Financial reporting; audit, review & compilation
- Tax returns; income, payroll, sales, or other taxes
- Accounting; we can become your accounting group
- Consulting; cash flow, debt refinancing, buying and selling businesses
Personal Financial Support:
- Tax strategies & tax return filing
- Retirement planning
- Estates & trusts
- Gifting of family wealth