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What is IRS Form 990?
Form 990 is an annual information return that the IRS mandates for specific tax-exempt organizations, nonexempt charitable trusts, and Section 527 political organizations. This form facilitates transparency regarding financial activities and governance, as well as ensures compliance with federal tax obligations.
Key Information Provided by Form 990:
- Organizational exemption and other activities
- Financial activities and governance
- Compliance with specific federal tax filings and obligations
- Compensation paid to certain individuals
Who Has to File Form 990 IRS?
Organizations must submit IRS Form 990 if their total assets exceed $500,000 or their gross earnings exceed $200,000.
Other Types of Form 990:
- Form 990-N: For organizations with gross receipts of less than $50,000.
- Form 990-EZ: For organizations with gross receipts of less than $200,000 and total assets of less than $500,000.
- Form 990-PF: For private foundations and non-exempt charitable trusts regardless of gross receipts.
When is the Deadline to File Nonprofit Tax Form 990?
Nonprofits and exempt organizations must file Form 990 by the 15th day of the fifth month following the end of their accounting period.
- Calendar Tax Year: Form 990 is due by May 15.
- Fiscal Tax Year: The IRS Form 990 is due on the 15th day of the fifth month following the end of the organization's tax year.
Breakdown of Form 990
Form 990 consists of 12 parts:
- Part I: Summary (Activities & Governance, Revenue, Expenses, and Net Assets)
- Part II: Signature Block
- Part III: Statement of Program Service Accomplishments
- Part IV: Checklist of Required Schedules
- Part V: Statements Regarding Other IRS Filings and Tax Compliance
- Part VI: Governance, Management, and Disclosure
- Part VII: Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
- Part VIII: Statement of Revenue
- Part IX: Statement of Functional Expenses
- Part X: Balance Sheet
- Part XI: Reconciliation of Net Assets
- Part XII: Financial Statements and Reporting
Form 990 Schedules:
Nonprofit organizations may be required to include additional schedules with their Form 990, depending on their type, activities, and financial circumstances.
Available Schedules:
- Schedule A - Public Charity Status and Public Support
- Schedule B - Schedule of Contributors
- Schedule C - Political Campaign and Lobbying Activities
- Schedule D - Supplemental Financial Statements
- Schedule E - Schools
- Schedule F - Statement of Activities Outside the United States
- Schedule G - Supplemental Information Regarding Fundraising or Gaming Activities
- Schedule H - Hospitals
- Schedule I - Grants and Other Assistance to Organizations, Governments, and Individuals in the U.S.
- Schedule J - Compensation Information
- Schedule K - Supplemental Information on Tax-Exempt Bonds
- Schedule L - Transactions with Interested Persons
- Schedule M - Noncash Contributions
- Schedule N - Liquidation, Termination, Dissolution, or Significant Disposition of Assets
- Schedule O - Supplemental Information to Form 990
- Schedule R - Related Organizations and Unrelated Partnerships
Is There an Extension for Form 990?
Organizations needing more time to file IRS Form 990 can file Extension Form 8868 for an automatic 6-month extension.
Automatic Revocation of Tax-Exempt Status
Failure to file Form 990 for three consecutive years results in automatic revocation of tax-exempt status. To reinstate, organizations must follow specific procedures:
- Streamlined Retroactive Reinstatement: For organizations eligible to file either Form 990-EZ or Form 990-N for all three years they failed to file.
- Retroactive Reinstatement (within 15 months): Applies if the organization has not filed for less than 15 months since the revocation.
- Retroactive Reinstatement (after 15 months): Applies if the organization has not filed for more than 15 months since the revocation.
- Post-Mark Date Reinstatement: Effective from the postmark date of the reinstatement application.
How to File IRS Form 990?
As mandated by the “Taxpayer Act of 2019,” organizations must file Form 990 electronically for quicker processing. TaxZerone, an IRS-authorized e-file service, offers secure and efficient electronic filing.
Benefits of Using TaxZerone:
- Streamlined IRS Status Updates: Stay informed about your tax-exempt status in real-time with TaxZerone's updates.
- IRS-Authorized E-Filing Software: Confidence in filing with an authorized provider.
- User-Friendly Filing Experience: Simple design with step-by-step directions.
- Security: Modern security measures to protect your information.
- Easy E-filing: Complete your filing in minutes with our user-friendly platform.
- Accurate and Compliant: Built-in IRS validation checks to minimize errors and reduce rejections.
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