Last updated on Mar 20, 2016
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What is Form 990
The Form 990 2012 Tax Return is a tax document used by tax-exempt organizations to report financial information to the IRS.
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Comprehensive Guide to Form 990
What is the Form Tax Return?
The Form 990 is an essential IRS form that tax-exempt organizations use to report financial information in the United States. This document offers a comprehensive overview of an organization's mission, activities, and financial status for the year 2012. Filing this form is crucial for maintaining transparency among stakeholders and ensuring compliance with IRS regulations for tax-exempt organizations.
Purpose and Benefits of the Form Tax Return
The importance of reporting accurate financial status and organizational activities to the IRS cannot be overstated. By filing Form 990, nonprofits can demonstrate their accountability and commitment to transparency, which helps maintain their tax-exempt status. Furthermore, submitting this tax form allows tax-exempt organizations to fulfill their obligations and inform the public about their financial health.
Who Needs to File the Form Tax Return?
Various types of organizations are required to file Form 990, including nonprofits and charities. Specifically, any organization that qualifies as tax-exempt under IRS regulations must determine its eligibility to file this form. The criteria involve assessing revenues, activities, and other factors that define a tax-exempt status.
When and How to File the Form Tax Return
Filing deadlines for Form 990 are critical, as late submissions can lead to penalties. Organizations typically have five months after the end of their fiscal year to file. To prepare your submission, follow these steps:
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Gather all required financial data and relevant documents.
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Visit the designated platform for filing, such as pdfFiller.
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Complete the form according to the specific instructions provided.
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Review your entries carefully before submission.
Required Documents and Information to Complete the Form
Before filing Form 990, organizations need to compile various documents and supporting materials. Here’s a pre-filing checklist to help streamline the preparation:
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Financial statements, including balance sheets and income statements.
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Details about the organization's mission and activities.
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Federal and state tax identification numbers.
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Information on board members and key staff.
How to Sign and Submit the Form Tax Return
When completing Form 990, understanding the signing requirements is essential. Organizations must choose between digital signatures and wet signatures, depending on the submission method. The following are common submission methods:
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E-filing through an authorized platform like pdfFiller.
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Mailing the paper form to the appropriate IRS address.
Common Errors and Best Practices for Filing Form
Organizations often make mistakes when completing Form 990, which can lead to issues with the IRS. Common errors include incorrect financial data and incomplete information. To avoid these mistakes, use a review and validation checklist before final submission, ensuring:
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All necessary fields are filled out correctly.
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Revenues and expenses are accurately reported.
What Happens After You Submit the Form Tax Return?
Once submitted, organizations can expect a processing timeline that varies according to IRS workloads. Confirmation methods typically include email notifications or online status tracking. If amendments are needed or if the form is rejected, organizations should refer to IRS guidelines for rectifying the situation and resubmitting.
Security and Compliance When Handling the Form Tax Return
Using pdfFiller to manage sensitive documents requires an emphasis on security. Organizations should be aware of privacy and data protection regulations to comply with legal standards while handling Form 990 and related documents. pdfFiller offers robust security features to protect user information.
Maximize Your Filing Experience with pdfFiller
Utilizing pdfFiller can greatly enhance the process of filling out Form 990. The platform allows for seamless editing, filling, and eSigning of the form, with key capabilities that simplify the form completion process, including editing text/images and creating fillable forms.
How to fill out the Form 990
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1.To access the Form 990 for 2012 on pdfFiller, visit the pdfFiller website and log into your account or create a new one if you haven't already.
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2.In the search bar, type 'Form 990 2012 Tax Return' to locate the specific document. Click on the form to open it in the editing interface.
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3.Before filling out the form, gather all necessary financial documents, including your organization's income statement, balance sheet, and program expenses for 2012.
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4.Navigate the form by using the toolbar to click on different fields. Enter your organization's information, including the name, address, and EIN in the designated areas.
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5.Fill out the financial sections carefully, ensuring that all figures are accurate and correspond to the documents you gathered earlier.
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6.Once all fields are completed, take a moment to review the entire form. Ensure all information is accurate and compliant with IRS standards.
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7.After reviewing, you can save your progress by clicking the 'Save' button. To download the completed form, click on the 'Download' option in the toolbar.
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8.If your organization needs to submit the form electronically, follow the submission instructions provided by the IRS, or choose to print it and mail it to the appropriate IRS address.
Who must file Form 990?
Tax-exempt organizations, including nonprofits that gross more than $200,000 or have total assets exceeding $500,000, must file the Form 990. Certain smaller organizations may qualify for simplified filing options.
What is the deadline for submitting Form 990?
Form 990 for the 2012 tax year is typically due on the 15th day of the 5th month after the end of the organization’s fiscal year. If the fiscal year aligns with the calendar year, the due date would be May 15, 2013.
How do I submit Form 990?
Form 990 can be submitted electronically through the IRS Modernized e-File system or mailed to the appropriate IRS address for the organization. Be sure to check submission guidelines.
What supporting documents do I need with Form 990?
Supporting documents may include financial statements, schedules detailing program expenditures, and additional statements regarding governance. It's important to include any relevant documentation as required.
What are common mistakes to avoid when filling out Form 990?
Common mistakes include incorrect financial reporting, incomplete fields, and failing to include all required schedules. Ensure that all data is accurate and cross-check with your financial records before submission.
How long does it take for the IRS to process Form 990?
Processing times can vary, but typically, the IRS takes about 2 to 3 months after submission to process Form 990. Make sure to file early to avoid delays.
Can Form 990 be amended after submission?
Yes, Form 990 can be amended if there are errors or overlooked information. Use Form 990-X to amend a previously filed Form 990 and ensure to submit it to the same address as the original.
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