Last updated on Apr 4, 2016
Get the free Form 990 Return of Organization Exempt From Income Tax
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What is Form 990
The Form 990 Return of Organization Exempt From Income Tax is a tax document used by tax-exempt organizations to report their financial information to the IRS.
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Who needs Form 990?
Explore how professionals across industries use pdfFiller.
Form 990 is needed by:
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Nonprofit organizations seeking tax-exempt status
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IRS officers reviewing financial disclosures
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Accountants preparing nonprofit tax returns
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Auditors verifying financial status of organizations
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Donors evaluating financial health of nonprofits
Comprehensive Guide to Form 990
Understanding the Form 990 Return of Organization Exempt From Income Tax
Form 990 is a crucial document for tax-exempt organizations as it provides a comprehensive overview of their financial activities. This IRS form is essential for maintaining tax-exempt status. Reporting financial details accurately ensures transparency and accountability, which are vital for nonprofit organizations.
Purpose and Benefits of the Form 990 for Nonprofit Organizations
Filing Form 990 offers numerous advantages for tax-exempt organizations. It enhances transparency by making financial information accessible to the public, fostering trust among stakeholders. Accurate reporting through Form 990 is necessary to uphold tax-exempt status and avoid potential penalties.
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Promotes donor confidence through transparency
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Informs the public about the organization’s financial health
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Assists in maintaining compliance with IRS regulations
Who Needs to File the Form 990 in the United States?
Certain types of organizations are obligated to file Form 990. This requirement generally includes most nonprofit organizations that earn over a specific threshold in annual revenue.
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Tax-exempt organizations with gross receipts over $200,000
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Organizations with total assets exceeding $500,000
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Exceptions include certain small organizations and private foundations
When and How to File the Form 990 Return of Organization Exempt From Income Tax
Timely filing of Form 990 is essential, with specific deadlines varying based on the organization’s fiscal year. Late submissions may incur penalties, emphasizing the importance of adhering to deadlines.
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Gather required documents and financial information
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Complete the Form 990 online using resources such as pdfFiller
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Submit the form electronically to the IRS by the due date
Required Documents and Information for Completing Form 990
Organizations need to collect several documents before filing Form 990 to ensure completeness and accuracy. A pre-filing checklist can streamline this process and facilitate preparedness.
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Financial statements (income and balance sheet)
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Details of fundraising activities
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List of board members and key staff
Step-by-Step Instructions on How to Fill Out the Form 990
Filling out Form 990 requires attention to detail, as each section must be completed accurately. It is important to understand common errors that could delay processing or lead to penalties.
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Begin with the organization’s basic information
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Complete financial sections, including revenue and expenses
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Review for accuracy and completeness before submission
Signing and Submission Methods for the Form 990
Organizations must adhere to specific signing requirements when submitting Form 990. Options for signing include both digital and wet signatures, depending on the submission method chosen.
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Digital signatures are accepted for electronic submissions
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Wet signatures are required for paper submissions
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Ensure all required signatures are obtained before submitting
What to Expect After Submitting Form 990
Once Form 990 is submitted, organizations can expect a processing period from the IRS. It's important to track submission status and know how to address any needed corrections or amendments.
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Check IRS online tools for submission tracking
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Understand the process for amending submitted forms
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Be prepared to provide additional information if requested
Security and Compliance Considerations for Reporting Financials
Organizations must prioritize data security and compliance when preparing Form 990. Proper measures protect sensitive financial information while ensuring adherence to IRS regulations.
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Utilize secure platforms, such as pdfFiller, for filling out forms
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Ensure compliance to avoid potential penalties for noncompliance
Leverage pdfFiller for Your Form 990 Submission Process
pdfFiller offers robust features for filling out, editing, and submitting Form 990 efficiently. With security measures in place, users can confidently manage their tax forms online.
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Edit and annotate the form easily
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Ensure secure document management throughout the process
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eSign without the need for physical paperwork
How to fill out the Form 990
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1.Access pdfFiller and log into your account or create a new one if you are a first-time user.
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2.Search for 'Form 990' in the form library or use the search bar to find it quickly.
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3.Open the form by clicking on its title to begin the completion process.
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4.Familiarize yourself with the layout of the form, which includes various sections to fill out, including mission, activities, and financial details.
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5.Gather your organization’s financial information for the tax year 2013, including income, expenses, and balance sheet data.
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6.Start filling in each section, ensuring that all fields are completed accurately with the required information.
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7.Utilize pdfFiller’s features to add text, checkboxes, or dates as needed while completing the form.
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8.Review all entered data thoroughly, checking for accuracy and completeness before finalizing the document.
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9.Save your progress frequently on pdfFiller to avoid data loss.
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10.Once you have completed and reviewed the form, choose to download it in your preferred format or finalize it for submission.
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11.Follow pdfFiller’s prompts to submit your form electronically to the IRS, ensuring you meet all deadlines.
Who is required to file Form 990?
Nonprofit organizations with tax-exempt status are required to file Form 990 with the IRS if they have annual gross receipts of $200,000 or more or total assets of $500,000 or more.
What is the deadline for submitting Form 990?
Form 990 is generally due on the 15th day of the 5th month after the end of your organization’s fiscal year. For example, if your fiscal year ends on December 31, you must file by May 15.
How do I submit Form 990 once completed?
Once you've completed Form 990 on pdfFiller, you can submit it electronically to the IRS through the platform. Ensure that you've reviewed each section and have included all required information before submission.
Are any supporting documents needed with Form 990?
While Form 990 itself is comprehensive, you may need to attach schedules or additional documents depending on your organization’s activities and financial disclosures. Common attachments include statements of revenue and functional expenses.
What are some common mistakes to avoid when filling out Form 990?
Common mistakes include incorrect reporting of financial data, missing signatures, and forgetting to attach required schedules. Always double-check for accuracy and completeness before submission.
How long does it take for the IRS to process Form 990?
The processing time for Form 990 can vary, but typically it takes the IRS about 30 days to process electronic submissions. Allow additional time for any correspondence or questions from the IRS.
Is there a fee for filing Form 990?
There is no filing fee for submitting Form 990 to the IRS. However, be aware that penalties may apply for late submissions or inaccuracies in reporting.
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