Get the free Return of Organization Exempt From Income Tax - Global Scholars - global-scholars

Form ** PUBLIC DISCLOSURE COPY ** 990 A For the 2012 calendar year, or tax year beginning JUL 1, 2012 and ending C Name of organization Check if applicable: Address change X Name change Initial return

How to fill out return of organization exempt

How to fill out return of organization exempt:

1. Begin by gathering all the necessary information and documents such as the organization's identification number, financial records, and previous year's return.
2. Use Form 990 or 990-EZ to report the organization's financial information. These forms can be obtained from the Internal Revenue Service (IRS) website or through tax software.
3. Start by filling out the basic information section, including the organization's name, address, and contact details.
4. Provide a brief description of the organization's mission and activities in the relevant section. This helps the IRS understand the purpose and nature of the exempt organization.
5. Report the organization's income and expenses in the appropriate sections, ensuring that all information is accurate and detailed. This includes reporting revenue from various sources such as donations, grants, and fundraising events.
6. If applicable, report any significant changes in the organization's activities, structure, or governance in the relevant sections. This assists the IRS in understanding any updates or developments within the exempt organization.
7. Make sure to include any required attachments or schedules to provide additional information or justification for certain items reported on the return. These may include details on executive compensation, foreign activities, or public support.
8. Review the completed return thoroughly to ensure all information is accurate and complete. Check for any errors or inconsistencies that may trigger additional scrutiny or delays in processing the return.
9. Sign and date the return as required, either by an authorized officer of the organization or by the paid preparer, if applicable.
10. Finally, submit the return to the IRS by the due date specified, either electronically or by mail, depending on the organization's filing requirements.

Who needs return of organization exempt?

1. Nonprofit organizations recognized as tax-exempt under section 501(c) of the Internal Revenue Code are generally required to file a return of organization exempt.
2. This includes charitable organizations, educational institutions, religious groups, social clubs, and many other types of nonprofit entities.
3. Filing the return is important for maintaining the organization's tax-exempt status and providing transparency to the IRS and the public regarding the organization's finances and activities.
4. Certain small organizations with gross receipts below a specified threshold may be eligible to file a shorter version of the return, known as the 990-EZ, instead of the full Form 990.
5. It is crucial for exempt organizations to understand their filing obligations and comply with the regulations set by the IRS to avoid penalties or potential loss of tax-exempt status.

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