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What Is 990 Ez?
The Form 990-EZ is required to be filled by entities and submitted with the Internal Revenue Service. The document works for all small tax-exempt organizations whose annual gross receipts are normally $50,000 or less. However, there are few exemptions.
This form isn’t intended for organizations that are included in a group return, churches or associations of churches and particular organizations required to file a different return. IRS requests demographic information and some other details about business activities.
Look through the list of what should be necessarily included to 990-EZ blank.
- current legal name of the entity and trade names used;
- mailing address and website address;
- employer’s ID number (FEIN);
- name and contacts of the principal officer;
- affirmation that the nonprofit is still operating;
- full accounting of income and expenses by category;
- awards and distributions given by nonprofit;
- details on income and expenses;
- list of team members, their contacts, hours worked and details regarding compensations, whether money or any other benefits;
- overview of the sources of income over the past 5 years;
- information about donors, if they give to the institution more than $5,000 during the whole past year.
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Things to know about Form 990-EZ
Who Must File Form 990-EZ?
Form 990-EZ is a tax form that must be filed by certain tax-exempt organizations in the United States. Specifically, organizations listed under section 501(c)(3) and have gross receipts below $200,000 and total assets below $500,000 can file Form 990-EZ instead of the more complex Form 990.
Here are some key points about who must file Form 990-EZ:
1. Tax-exempt Organizations: Only tax-exempt organizations recognized under section 501(c)(3) by the Internal Revenue Service (IRS) are eligible to use Form 990-EZ. This includes charitable, religious, educational, scientific, literary, and other nonprofit organizations.
2. Gross Receipts Threshold: Organizations filing Form 990-EZ must have gross receipts below $200,000 for the tax year. Gross receipts refer to the total revenue an organization receives from all sources, including donations, grants, program fees, and other income.
3. Total Assets Limit: In addition to the gross receipts threshold, organizations filing Form 990-EZ must also have total assets below $500,000. Total assets include cash, investments, land, buildings, equipment, and other property owned by the organization.
4. Exception for First-Year Organizations: Newly formed tax-exempt organizations are generally not required to file Form 990-EZ for their first tax year. Instead, they may need to file the shorter Form 990-N, also known as the Electronic Notice (e-Postcard), which provides basic information to the IRS.
5. Alternative for Larger Organizations: If an organization's gross receipts exceed $200,000 or its total assets exceed $500,000, it is required to file the full Form 990, which provides more detailed financial information and disclosures.
6. Reporting Financial Information: Form 990-EZ requires organizations to report their revenue, expenses, assets, liabilities, program activities, and other key financial details. It also includes questions about governance, compensation, and other operational aspects.
7. Filing Deadlines: Form 990-EZ must be filed by the 15th day of the 5th month after the end of the organization's fiscal year. For example, if the fiscal year ends on December 31st, the form is typically due on May 15th of the following year. However, extensions may be available.
It's important for tax-exempt organizations to understand their filing requirements and ensure compliance with IRS regulations. Filing the appropriate form, such as Form 990-EZ, accurately and timely helps maintain transparency and accountability for the organization's finances.
What is the difference between Form 990 and 990-EZ?
When it comes to filing taxes for tax-exempt organizations, the forms 990 and 990-EZ play a crucial role. Both are used by nonprofit organizations to disclose financial information to the Internal Revenue Service (IRS). However, there are significant differences between the two forms. Let's explore these distinctions to better understand the nuances of each form and which one may be applicable for your organization.
1. Complexity and Filing Thresholds:
The biggest difference between the forms 990 and 990-EZ lies in their complexity and filing thresholds. The form 990-EZ is designed for smaller tax-exempt organizations with less complicated financial situations, while the form 990 is more detailed and suitable for larger organizations with greater financial complexity.
2. Length and Reporting Requirements:
The form 990-EZ is a condensed version of the more comprehensive form 990. Consequently, the 990-EZ requires less detailed reporting and provides a shorter, simplified format. In contrast, form 990 encompasses more in-depth reporting on a variety of aspects, such as program activities, governance, compensation of officers, and more.
3. Filing Thresholds and Gross Receipts:
To determine which form to file, an organization must examine its gross receipts and total assets. If an organization's gross receipts for the tax year are less than $200,000 and its total assets are less than $500,000, it can file the 990-EZ. In contrast, if an organization's gross receipts exceed $200,000 or total assets reach or exceed $500,000, it is required to file the full Form 990.
4. Penalties and Consequences:
Failing to file an appropriate form or filling out and submitting incorrect information can lead to penalties and consequences for tax-exempt organizations. It is crucial to understand the requirements and select the correct form to avoid any potential issues. The IRS imposes penalties for late or incorrect filing, including monetary fines and potential loss of tax-exempt status.
5. Detailed Schedule Requirements:
The form 990 has various schedules that attach to the main form, requiring organizations to provide more specific information about their activities, finances, and governance. These schedules include reporting on compensation, grants and contracts, fundraising activities, foreign transactions, charitable contributions, and more. In contrast, the 990-EZ has far fewer schedules, making it a simpler form to complete.
Understanding the differences between form 990 and 990-EZ is crucial for nonprofit organizations when filing their annual tax returns. While the 990-EZ may seem like an easier option, organizations must carefully evaluate their size, assets, and reporting requirements to ensure compliance with IRS regulations. Seeking professional assistance or referring to IRS guidelines can also help organizations navigate the complexities of tax-exempt filings effectively.
Can you file Form 990-EZ electronically for free?
Yes, you can file Form 990-EZ electronically for free. The Internal Revenue Service (IRS) provides an electronic filing system called the Modernized e-File (MeF) for tax-exempt organizations to submit Form 990-EZ online.
Filing Form 990-EZ electronically offers several advantages over traditional paper filing. It is more convenient, faster, and reduces the chances of errors or lost paperwork. Additionally, the IRS encourages organizations with gross receipts of $50,000 or more to file electronically.
To file Form 990-EZ electronically for free, you can use one of the authorized IRS e-file providers. These providers offer user-friendly interfaces and step-by-step guidance to help you complete and submit your form accurately.
Before filing electronically, ensure that you have all the necessary information and documentation, including financial statements, details of activities, and schedule attachments (if applicable). It is important to review and double-check your form before submission to avoid any errors.
Electronic filing also enables online payment options for any taxes owed or required user fees. After successfully submitting your Form 990-EZ electronically, you will receive a confirmation of receipt from the IRS.
It is worth noting that some tax-exempt organizations may be required to file Form 990 (rather than Form 990-EZ) depending on their gross receipts and other factors. However, if your organization qualifies to file Form 990-EZ, taking advantage of the free electronic filing option can streamline the process and save time.
How do I file Form 990-EZ electronically?
Filing Form 990-EZ electronically has become increasingly popular and convenient for nonprofit organizations. Here are some key steps and considerations to help you successfully file this form online:
1. Choose an Authorized IRS e-file Provider: The Internal Revenue Service (IRS) authorizes various e-file providers, including software companies, to accept and transmit Form 990-EZ electronically. Research and select a suitable provider based on your organization's needs and preferences.
2. Gather Required Information: Collect all the necessary financial and organizational details before starting the e-filing process. This includes your organization's name, address, tax-exempt status, financial statements, details of key executives, and compensation information.
3. Access the E-file Platform: Visit the chosen e-file provider's website and access their designated platform for Form 990-EZ. Some providers offer free filing options for eligible nonprofit organizations, while others may charge a fee based on your organization's size and complexity.
4. Create an Online Account: If you're a first-time user on the e-file provider's platform, you'll likely need to create an account. This typically involves providing your organization's details, contact information, and identification to establish your profile.
5. Follow the Step-by-Step Process: Once logged in, the e-file platform will guide you through a series of steps to complete and submit Form 990-EZ. Pay close attention to each section, as you'll be required to input accurate financial information, revenue and expense details, governance policies, and provide narrative descriptions where needed.
6. Review and Verify Information: Before submitting your form, carefully review all the entered data to ensure accuracy. Mistakes could result in processing delays or other issues. Double-check key fields such as EIN (Employer Identification Number), signatures, and tax year dates.
7. Calculate and Pay Any Tax Due: Form 990-EZ generally applies to small- to medium-sized nonprofits that have taxable income. If your organization owes any taxes based on this form, the e-file platform will calculate the amount due. Ensure you have funds available to pay any taxes owed electronically.
8. Submit and Retain Proof of Filing: After verifying all the information, electronically sign and submit Form 990-EZ through the e-file provider's platform. Once submitted successfully, save and retain the confirmation or acknowledgement provided by the e-file provider as proof of filing for your records.
Remember, it's crucial to comply with specific IRS deadlines for filing Form 990-EZ. Additionally, if your organization experiences any difficulties during the e-filing process, most authorized providers offer customer support to address concerns and provide assistance when needed.
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