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Short Form Return of Organization Exempt From Income Tax For, 990EZ V A I The organization may h ave to use a CODE o f this return to satisfy state reporting requirements For the 2012 calendar y ear,

How to fill out shortform for 990-ez

How to fill out shortform for 990-ez:

1. Gather all necessary information: Before filling out the shortform for 990-ez, make sure you have all the relevant financial information and documents at hand. This may include details about your organization's income, expenses, assets, and liabilities.
2. Start with basic identification: Begin by providing your organization's name, address, EIN (Employer Identification Number), and the tax year for which you are filing the shortform 990-ez.
3. Report your income: List all sources of income for your organization during the tax year. This might include donations, grants, program service revenue, investment income, or any other forms of income your organization has received. Be sure to provide accurate and detailed information for each source.
4. Detail your expenses: Outline all the expenses incurred by your organization during the tax year. This could include program-related expenses, administrative costs, salaries, rent, utilities, and any other relevant expenses. Properly categorize and report the expenses to provide a clear picture of your financial activities.
5. Calculate your net assets: Calculate your organization's total assets and total liabilities at the end of the tax year. Deduct the liabilities from the assets to determine your organization's net assets. These figures will help show the financial position of your organization.
6. Complete the necessary schedules: Depending on your organization's specific circumstances, you may need to complete additional schedules alongside the shortform 990-ez. These schedules are used to provide more detailed information about certain aspects of your organization's finances, such as grants, fundraising activities, or foreign financial accounts. Ensure that you accurately complete all applicable schedules.
7. Review and double-check: Once you have filled out the shortform 990-ez and any necessary schedules, carefully review the information you have provided. Double-check for accuracy, clarity, and completeness. Mistakes or missing information could trigger IRS inquiries or delays in processing your form.
8. Sign and file: Finally, sign and date the shortform 990-ez to confirm the accuracy of the information provided. Keep a copy for your records. File the completed form by the due date specified by the IRS. Note that electronic filing is generally required for organizations with larger gross receipts.

Who needs shortform for 990-ez:

The shortform 990-ez is required to be filed by tax-exempt organizations that have gross receipts less than $200,000 in a tax year and total assets less than $500,000. It is an alternative to the full 990 form for smaller organizations that still need to report their financial information to the IRS. Organizations such as charities, religious institutions, educational institutions, and certain other types of tax-exempt entities may be eligible to use the shortform 990-ez. However, it is important to carefully review the IRS guidelines and consult with a tax professional to determine the specific filing requirements for your organization based on its unique circumstances.

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What is shortform for 990-ez?

Shortform for 990-ez is Form 990-EZ, which is a shortened version of Form 990 and is used by small tax-exempt organizations.

Who is required to file shortform for 990-ez?

Non-profit organizations with gross receipts less than $200,000 and total assets less than $500,000 are required to file the shortform for 990-EZ.

How to fill out shortform for 990-ez?

The shortform for 990-EZ can be filled out online or on paper, following the instructions provided by the IRS. Organizations must report their financial information and other required details.

What is the purpose of shortform for 990-ez?

The purpose of the shortform for 990-EZ is to provide the IRS and the public with information about the finances and activities of small tax-exempt organizations.

What information must be reported on shortform for 990-ez?

Organizations must report their revenue, expenses, assets, liabilities, program service accomplishments, and other relevant financial information on the shortform for 990-EZ.