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How to fill out forms 990 i 990-ez

How to Fill Out Forms 990 and 990-EZ?

Filling out Forms 990 and 990-EZ can seem daunting at first, but with some guidance, it can be a straightforward process. Here's a step-by-step guide on how to fill out these forms:

1. Obtain the necessary forms: Visit the official website of the Internal Revenue Service (IRS) to download Forms 990 or 990-EZ. Make sure to download the correct form based on your organization's gross receipts and assets.
2. Familiarize yourself with the instructions: Read the instructions provided with the forms carefully. They will provide valuable information on how to fill out each section and clarify any doubts you may have.
3. Gather required information: Collect all the necessary financial statements and documents, including income and expense records, balance sheets, and any other pertinent records related to your organization's activities.
4. Fill out the identification section: Begin with the identification section, where you will enter your organization's name, address, Employer Identification Number (EIN), and other basic information. Ensure that all information is accurate and up-to-date.
5. Provide a statement of program service accomplishments: This section requires you to detail the activities or services provided by your organization throughout the year. Include information about your mission, objectives, and the impact of your programs on the community you serve.
6. Financial information: Enter the financial data required in the relevant sections. This includes revenue, expenses, assets, and liabilities. Ensure that you accurately report all financial information and provide any necessary attachments or schedules as specified in the instructions.
7. Compensation for key personnel: If applicable, report compensation and benefits of key officers, directors, and select employees. This information helps assess if executive compensation is reasonable and aligned with your organization's mission.
8. Submit additional schedules if necessary: Depending on your organization's activities and financial transactions, you may need to complete additional schedules alongside the main form. Make sure to review the instructions to determine whether any supplements are required.
9. Review and double-check your entries: Before submitting the forms, carefully review all the information you've entered. Mistakes or inaccuracies can lead to delays or penalties. Double-check the calculations, verify the totals, and ensure that all required sections have been properly completed.
10. File the form with the IRS: Once you are confident that all the information is accurate, submit your completed form electronically or by mail, as specified in the instructions.

Who Needs Forms 990 and 990-EZ?

Forms 990 and 990-EZ are required to be filed by tax-exempt organizations in the United States. These organizations include:

1. 501(c)(3) organizations: Charitable organizations, educational institutions, religious organizations, scientific organizations, and other entities exempt under section 501(c)(3) of the Internal Revenue Code.
2. 501(c)(4) organizations: Social welfare organizations, such as civic and advocacy groups, that operate exclusively for the promotion of social welfare.
3. 501(c)(5) organizations: Labor, agricultural, and horticultural organizations that promote the interests and well-being of their members.
4. 501(c)(6) organizations: Business leagues, chambers of commerce, professional associations, and other membership-based organizations.

It is important for these tax-exempt organizations to file the appropriate form annually to maintain their tax-exempt status and provide transparency regarding their activities and finances. Failure to file or complete the forms inaccurately can result in penalties or the potential loss of the organization's tax-exempt status.

For pdfFiller’s FAQs

What is forms 990 i 990-ez?

Forms 990 and 990-EZ are tax forms used by tax-exempt organizations, non-profit organizations, and charities to report financial information to the IRS.

Who is required to file forms 990 i 990-ez?

Most tax-exempt organizations with gross receipts above a certain threshold are required to file either Form 990 or Form 990-EZ.

How to fill out forms 990 i 990-ez?

Forms 990 and 990-EZ can be filled out online or by hand, following the instructions provided by the IRS for each line item.

What is the purpose of forms 990 i 990-ez?

The purpose of Forms 990 and 990-EZ is to provide the IRS and the public with information about an organization's mission, programs, and finances.

What information must be reported on forms 990 i 990-ez?

Information reported on Forms 990 and 990-EZ includes financial data, governance, program descriptions, and compensation of key employees.

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