Table of Contents
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.
- Form 990-T: For exempt organizations with $1,000 or more in gross income from a regularly conducted unrelated business.
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 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?
IRS Form 990 is the annual return that most tax-exempt organizations must file to report their financial activities, governance, and mission-related information. Here's a step-by-step breakdown of how to file it:
Benefits of Using TaxZerone:
- Streamlined IRS Status Updates: Stay informed about your tax-exempt filing status in real time with prompt updates from the IRS.
- IRS-Authorized E-Filing Software: File with confidence using an IRS-authorized provider that meets federal e-filing standards.
- User-Friendly Filing Experience: Our intuitive design and step-by-step guidance make it easy for anyone to file accurately.
- Security: We use modern encryption and safety protocols to protect your organization's sensitive data.
- Easy E-Filing: Our user-friendly platform helps you complete your filing without unnecessary complexity.
- Accurate and Compliant: Built-in IRS validation checks help reduce errors and rejections, giving you peace of mind.
- Cost-Effective Pricing: Clear, competitive pricing with no hidden fees.
- Click2File Feature: Automatically transfers data from previous filings to the current return, saving time and minimizing manual entry.
- Deadline Reminders and Extension Support: Never miss a deadline—get reminders and e-file Form 8868 extensions directly from your account.
Terms of Use | Privacy Policy | Cookie Policy
Powered by TaxZerone.com