Last updated on Apr 1, 2016
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What is Form 990 2013
The Form 990 2013 Exempt Organization Return is a tax document used by tax-exempt organizations to report their financial information to the IRS.
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Comprehensive Guide to Form 990 2013
Understanding the Form Exempt Organization Return
The Form 990 is a crucial IRS document that tax-exempt organizations use to report their financial information. This return plays a significant role in maintaining compliance with IRS regulations and ensuring transparency in operations. In particular, the 2013 version of Form 990 brought specific updates that are vital for organizations to understand.
Key definitions relating to tax-exempt organizations include the classification of nonprofits and their obligations under IRS guidelines. Organizations should be aware of how these definitions apply to their structure and reporting requirements.
Purpose and Benefits of the Form Exempt Organization Return
The Form 990 serves several important purposes for tax-exempt organizations. One primary benefit is that it promotes transparency, which can encourage trust among stakeholders and potential donors.
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Helps organizations maintain their tax-exempt status by ensuring adherence to legal standards.
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Provides a comprehensive view of financial health and operational effectiveness.
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Fosters accountability to the public and the IRS.
Who Needs to File the Form Exempt Organization Return?
Not all organizations are required to file Form 990. Certain eligibility criteria determine which entities must complete this return, primarily based on their income levels and activities.
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Organizations earning over a specific threshold must submit this form.
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Different rules apply to small nonprofits and larger exempt organizations; small entities may have different simplified reporting requirements.
Filling Out the Form Exempt Organization Return: A Step-by-Step Guide
Completing Form 990 involves several steps to ensure accuracy and compliance. The following instructions will guide organizations through the process.
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Gather financial statements and essential documentation.
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Fill out each section according to the specific instructions provided by the IRS.
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Review common fields that often cause confusion, such as revenue and expense reporting.
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Ensure that the designated signatures from the president and preparer are included before submission.
Common Mistakes When Filing the Form Exempt Organization Return
Awareness of common mistakes can streamline the filing process and prevent delays. Here are frequent errors to avoid:
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Incorrect financial statements that do not align with submitted documentation.
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Omitting necessary signatures, which can invalidate the submission.
Organizations should implement a review and validation checklist before submission to ensure all information is accurate.
Submission Methods for the Form Exempt Organization Return
Understanding submission methods for Form 990 is essential to avoid penalties for late filings. Organizations can choose between electronic and paper submissions, each with its pros and cons.
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Electronic submissions are quicker and provide immediate confirmation of receipt.
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Paper submissions may take longer and could be subject to mail delays.
Regardless of the method chosen, deadlines must be strictly adhered to, and organizations should track their submissions.
What Happens After You File the Form Exempt Organization Return?
After filing Form 990, organizations can expect various follow-up actions. It is essential to understand the implications of this step.
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Potential audits by the IRS may occur based on the information provided in the form.
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Organizations should maintain proper records for a specified duration post-submission.
Leveraging pdfFiller for the Form Exempt Organization Return
pdfFiller offers significant advantages for organizations filling out the Form 990. Its editing and eSigning capabilities help streamline the process.
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Users can securely edit documents and gather signatures online, maintaining compliance with regulations.
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Testimonials highlight successful completion of tax forms through pdfFiller, showcasing its effectiveness.
Additional Resources for Completing the Form Exempt Organization Return
Organizations can access various resources to aid in completing Form 990 accurately. These materials provide essential guidance and support.
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Links to IRS guidelines specifically tailored for Form 990 can be invaluable.
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Community forums allow users to seek clarification on specific questions.
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Downloadable checklists and templates ease the filing process.
Final Thoughts on Filing the Form Exempt Organization Return
Timely and accurate filing of Form 990 is critical for organizations wishing to maintain their tax-exempt status. Utilizing pdfFiller's services can greatly enhance the experience of filling out the form while ensuring data security and compliance.
How to fill out the Form 990 2013
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1.To begin, access pdfFiller and log into your account. If you don’t have an account, create one easily for free.
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2.Once logged in, use the search feature to find 'Form 990 2013 Exempt Organization Return' or navigate to the Tax Forms category.
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3.Open the form by selecting it from the search results. This will launch the editing interface where you can view and fill out the fields.
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4.Before you fill in the form, gather essential information such as your organization’s mission, financial statements for 2013, and details about activities from that year.
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5.Start with the organizational information section. Enter the legal name, address, and employer identification number (EIN) accurately.
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6.Proceed to fill out financial data, ensuring that you reflect your organization’s revenue, expenses, and assets thoroughly.
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7.Utilize pdfFiller’s text tools, which allow you to type directly into each field. Take advantage of features like auto-fill for repetitive data where applicable.
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8.Once you've filled in all sections, review your entries carefully. Use the review function in pdfFiller to check for any missing information or errors.
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9.After verifying that all data is complete, finalize your form by attaching the necessary signatures from the president and preparer where indicated.
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10.Finally, save your completed form. You may choose to download it in your preferred format or submit it directly through pdfFiller, following the on-screen prompts.
Who is required to file Form 990?
Organizations classified as tax-exempt under IRS regulations are required to file Form 990 if their gross receipts are $50,000 or more. This includes nonprofits and charitable organizations.
What is the deadline for submitting Form 990?
Form 990 is typically due on the 15th day of the 5th month after the end of the organization's fiscal year. For organizations with a fiscal year ending December 31, the deadline is May 15.
How can I submit Form 990?
Form 990 can be submitted electronically via the IRS e-filing system. Alternatively, you can print and mail a completed copy to the IRS as per the instructions provided on the form.
What supporting documents are needed with Form 990?
Organizations must typically provide financial statements, a copy of the organization's bylaws, and any applicable schedules or supplemental information that elaborate on operations or finances.
What common mistakes should I avoid when completing Form 990?
Common mistakes include incorrect financial figures, failure to include all required signatures, and not filing by the deadline. Ensure all sections are complete and double-check calculations.
How long does it take to process Form 990?
Processing times can vary, but electronic submissions are typically processed faster than paper submissions. Expect a timeframe of several weeks to a few months depending on the IRS workload.
Are there any fees associated with submitting Form 990?
There are no fees for filing Form 990 itself. However, organizations may incur costs from tax preparers or software used to prepare the form.
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