Get the free Forms 990 I 990-EZ Return Summary For calendar year 2012

WORTHINGTON07/3H201311:11 AM Forms 990 I 990EZ Return Summary For calendar year 2012, or tax year beginning 06/01/12, and ending 05/31/13 311216024 WORTHINGTON YOUTH BOOSTERS, INC. 22 9, 330 Net Asset/

How to fill out forms 990 i 990-ez

How to fill out forms 990 i 990-ez:

1. Gather necessary information: Before starting to fill out forms 990 i 990-ez, gather all the necessary information such as the organization's financial documents, receipts, and records of income and expenses.
2. Understand the form: Take the time to understand the form you are filling out. Review the instructions provided with each form to ensure you are completing it correctly.
3. Provide basic information: Begin by providing basic information about your organization, such as its name, address, and EIN (Employer Identification Number). Include details about the tax year being reported.
4. Answer questions: Answer all the questions on the forms accurately and thoroughly. Pay close attention to the specific requirements of each question and provide any necessary supporting documentation.
5. Report financial information: Provide detailed information regarding the organization's revenue, expenses, assets, and liabilities. This may include reporting donations, grants received, program expenses, salaries, and rents paid, among other financial transactions.
6. Calculate and report public support and revenue: If your organization is eligible, calculate and report its public support and revenue. Be sure to follow the instructions provided to determine the correct amounts to report.
7. Complete the schedules: Depending on your organization's activities, you may be required to complete additional schedules that provide detailed information on specific aspects such as compensation of officers, program service accomplishments, or supplemental financial statements. Review the requirements and complete the necessary schedules accurately.
8. Sign and date the form: Once you have completed the forms 990 i 990-ez, sign and date them as required. Ensure that the person signing has the appropriate authority to do so on behalf of the organization.

Who needs forms 990 i 990-ez:

1. Nonprofit organizations: Forms 990 i 990-ez are primarily required for tax-exempt organizations, including 501(c)(3) public charities, private foundations, and certain other tax-exempt entities.
2. Organizations with gross receipts below a certain threshold: Form 990-EZ is designed for small to mid-sized tax-exempt organizations with gross receipts less than $200,000 and total assets less than $500,000.
3. Organizations with gross receipts exceeding the threshold: Organizations with gross receipts exceeding $200,000 or total assets exceeding $500,000 are generally required to file the full Form 990.
4. Compliance with IRS regulations: Filing forms 990 i 990-EZ is necessary to comply with IRS regulations and maintain their tax-exempt status. Failure to file these forms can result in penalties and jeopardize the organization's tax-exempt status.

It is important to consult with a tax professional or seek guidance from the IRS to ensure accurate completion of forms 990 i 990-EZ.

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