Get the free 0047 Return of Organization Exempt From Income Tax 2012 Under section 501(c), 527, o...

Form 990 OMB No 1545.0047 Return of Organization Exempt From Income Tax 2012 Under section 501×c), 527, or 4947×AXL) of the Internal Revenue Code (except black lung benefit trust or private foundation)

How to fill out 0047 return of organization

How to fill out 0047 return of organization:

1. Gather all necessary financial information: To fill out the 0047 return of organization accurately, make sure you have all the required financial information at hand. This includes details about the organization's income, expenses, assets, liabilities, and any other relevant financial data.
2. Complete the basic identification section: Start by filling out the basic identification section of the 0047 return. Provide your organization's name, address, EIN (Employer Identification Number), and other identifying information as requested.
3. Report income and expenses: In the return, accurately report all sources of income your organization received during the applicable tax year. This can include donations, grants, fundraising proceeds, and any other funds received. Similarly, report all expenses incurred by the organization, such as salaries, rent, utilities, and other operational costs. Make sure to categorize and document each income and expense item appropriately.
4. Provide details about assets and liabilities: List all the assets your organization owns, such as property, investments, equipment, or cash reserves. Additionally, report any liabilities the organization may have, such as loans or outstanding debts. It's crucial to include accurate and up-to-date information about these items.
5. Include required schedules and attachments: Depending on the complexity of your organization's financial situation, you may need to attach additional schedules or forms to the 0047 return. For example, if your organization engages in certain types of activities or transactions, you might need to complete specific schedules that provide further details.

Who needs 0047 return of organization?

1. Nonprofit organizations: The 0047 return of organization is primarily required for tax-exempt nonprofit organizations. These organizations, which include charitable, religious, educational, scientific, and other nonprofit entities, must file this return annually with the IRS.
2. Organizations with gross receipts exceeding $50,000: Nonprofit organizations with gross receipts exceeding $50,000 in a tax year are generally required to file the 0047 return. Gross receipts refer to the total amount of income received before any deductions or expenses are accounted for.
3. Certain organizations exempt from filing Form 990: While most tax-exempt organizations file Form 990, some specific types of nonprofits, such as churches or certain governmental organizations, are exempt from filing that form. Instead, they may be required to file the 0047 return to satisfy their annual reporting obligations.

It's important to consult the official IRS guidelines or seek professional advice to determine the specific filing requirements for your organization and ensure compliance with tax laws and regulations.

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