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E-Newsletter In This Issue: The New Form 990......................1 West Funds June P&P Sessions .....1 Manage Volunteer Risk.................... 2 Book Review: The New Form 990 ....3 Cedar Rapids/Iowa

How to fill out the new form 990

How to fill out the new Form 990:

1. Start by gathering all necessary documents and information, including financial statements, revenue sources, program details, and employee information.
2. Read the instructions carefully and familiarize yourself with the different sections and schedules of the Form 990.
3. Begin by providing basic organizational information such as the organization's name, address, and EIN (Employer Identification Number).
4. Next, fill out Part I - Summary, which includes questions about the organization's mission, programs, and accomplishments.
5. Proceed to Part II - Signature Block, where you'll need to provide the name and title of an authorized individual who can sign the form on behalf of the organization.
6. Move onto Part III - Statement of Program Service Accomplishments, where you'll summarize the organization's major accomplishments and activities during the tax year.
7. Complete Part IV - Checklist of Required Schedules, ensuring that all applicable schedules and attachments are included and filled out accurately.
8. Fill out Part V - Statements Regarding Other IRS Filings and Tax Compliance, which requires you to provide information about past filings and compliance with tax regulations.
9. Answer all questions in Part VI - Governance, Management, and Disclosure, which focuses on the organization's governing body, policies, and disclosure practices.
10. Provide relevant financial details in Part VII - Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors.
11. If applicable, complete Schedules A, B, C, D, E, F, G, I, J, K, L, M, N, O, R, and/or Schedule of Contributors.
12. Review the completed Form 990 thoroughly, ensuring all sections and schedules are accurately filled out and all necessary attachments are included.
13. Sign and date the form in accordance with the instructions provided.
14. Retain a copy of the completed Form 990, along with all supporting documents, for your records.

Who needs the new Form 990?

1. Nonprofit organizations that are tax-exempt under section 501(a) of the Internal Revenue Code are generally required to file Form 990.
2. This includes organizations such as charitable, educational, religious, scientific, and literary organizations, as well as certain types of nonprofits like private foundations.
3. Filing Form 990 is mandatory for organizations with gross receipts exceeding or assets totaling $200,000 or more at the end of the tax year, or if they have total assets of $500,000 or more. Additionally, some organizations might be required to file regardless of their financial status based on specific circumstances or exceptions outlined in the instructions.

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What is the new form 990?

The new Form 990 is the annual information return that certain tax-exempt organizations must file with the IRS.

Who is required to file the new form 990?

Nonprofit organizations exempt from income tax under section 501(c) of the Internal Revenue Code are required to file the new Form 990.

How to fill out the new form 990?

The new Form 990 can be filled out electronically using the IRS's online filing system or by completing the paper form and mailing it to the IRS.

What is the purpose of the new form 990?

The purpose of the new Form 990 is to provide the IRS and the public with information about a tax-exempt organization's finances, operations, and governance.

What information must be reported on the new form 990?

The new Form 990 requires organizations to report on their revenue, expenses, assets, liabilities, executive compensation, and other key financial and operational details.