The IRS Form 990 (also known as the federal tax exempt form) is used by tax-exempt organizations and non-profit organizations to provide the Internal Revenue Service with annual financial information. It provides information on the filing organization’s mission, programs, and finances. There are three variants from the standard irs form 990, which are Form 990-PF, Form 990-N and Form 990-EZ.
What organizations are required to file IRS Form 990?
IRS Form 990-PF
is filed by all 501(c)(3) private foundations and 4947(a)(1) non-exempt charitable trusts. Only those types of exempt organizations use Form 990-PF.
IRS Form 990-N
(“ePostcard”) is an eight-question, electronic return that other nonprofits may file if their incomes were <$25,000 for the 2009 tax year and <$50,000 for the 2010 tax year and thereafter.
IRS Form 990-EZ
is a two-page return that other nonprofits may file if their incomes were <$500,000 and their assets <$1.25 million for the 2009 tax year. Beginning with the 2010 tax year, the thresholds are incomes <$200,000 and assets <$500,000.
IRS Form 990
is the “long form” that all other 990 filers must file if their incomes are =$500,000 or assets =$1.25 million for the 2009 tax year. Beginning with the 2010 tax year, the thresholds are incomes =$200,000 or assets =$500,000.
Which organizations are not required to file IRS Form 990?
- Nonprofits that have not received tax-exempt status from the IRS.
- Most faith-based organizations.
- State institutions.
- Subsidiary organizations covered under a group return filed by the parent organization.
- Religious schools.
- Missions or missionary organizations.
- Government corporations.
When is the deadline to file IRS 990 form?
The IRS form 990 (and variants: form 990-EZ, form 990-N, or form 990-PF) due by the 15th day of the 5th month after the organizations accounting period ends. So, if the fiscal year ends on December 31, the 990 is due on May 15 of the following year.
For more complete information about nonprofit organization which used the irs form 990, try to visit Guidestar, an organization that compiles information about nonprofits.