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Los Angeles California Form 990-EZ: What You Should Know
In addition, a nonprofit must be exempt and not a for profit organization. A nonprofit must have a Section 501(c)(3) or (4) exempt status. (See below.) You'll get some good advice about what you need to do about that IRS form on the IRS website at . You may also want to look for your local non-profit tax adviser, or a tax consultant or accountant, to help you prepare the form. Furthermore, you'll need to file forms 990 and 990EZ with the IRS. Form 990's filing deadline is May 15th. Form 990 -EZ's filing deadline is June 15th. Form 990PF's filing deadline is May 15th. The Form 990 tax form, which you will get with your 990 or 990-PF is used to report an organization's gross receipts (income) up to the 500,000 figures. You'll get information on the 10 different categories of gross receipts with the Form 990. The gross receipts you report on the Form 990 will affect the amount of your taxable income. The more gross receipts you report, the more tax you will owe to the IRS and the more tax-exempt status you may have (Section 501(c)(3) and (4) exemptions allow you to deduct an organization's expenses from your taxable income). Also, if an organization had over 50,000 in gross receipts but under 200,000 in assets, it might be eligible for an exemption from paying an annual organization fee. See my article on the IRS website for details. Exempt from Income Taxes on Gross receipts (Form 990 or Form 990PF). Taxpayer Identification Number. The Internal Revenue Service requires the taxpayer (organization, trust, or corporation) or trustee (individual) who made the contributions to file a Form 990 for purposes of reporting gross receipts. This is a form that the IRS can use to determine gross receipts. The Form 990 you file with the IRS won't have to be filed every year. A small fee may be issued each year to cover the IRS cost of processing.
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