Get the free Form 990EZ Short Form Return of Organization Exempt From Income Tax OMB No 15451150 ...

Form 990EZ Short Form Return of Organization Exempt From Income Tax OMB No 15451150 2003 Under section 501×c), 527, or 4947×a)(1) of the Internal Revenue Code (except black lung benefit trust or

How to fill out form 990ez short form

How to fill out form 990ez short form:

1. Begin by gathering all the necessary information and documents required to complete the form. This includes details about your organization's income, expenses, assets, and liabilities.
2. Start with Part I: Return Information. Fill in basic details about your organization, including its name, address, and Employer Identification Number (EIN). Check the appropriate boxes to indicate the tax year and accounting method used.
3. Proceed to Part II: Complete the Lines for Gross Receipts. Enter the organization's total revenue and contributions received during the tax year. Provide accurate figures and ensure all categories are properly filled.
4. Move on to Part III: Briefly Describe the Organization's Mission or Most Significant Activities. Write a concise description of your organization's primary mission or significant activities. This helps the IRS understand your organization's purpose.
5. In Part IV: Checklist of Required Schedules, review the provided list and mark the applicable boxes based on your organization's situation. This section ensures that you attach any necessary schedules or information that supports the accuracy of your return.
6. Proceed to Part V: Statements Regarding Other IRS Filings and Tax Compliance. Answer the questions regarding your organization's compliance with other IRS filings, tax-exempt status, and public charity classification.
7. Next, complete Part VI: Governance, Management, and Disclosure. Provide information about your organization's governing body and key officers. This includes details such as names, titles, and hours worked.
8. In Part VII: Compensation of Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees, report the compensation of key personnel, as well as any independent contractors with significant earnings from your organization. Follow the instructions and report the amounts accurately.
9. Move on to Part VIII: Statement of Revenue. Fill out this section to provide a breakdown of your organization's revenue. Enter amounts in the appropriate categories, such as program service revenue, grants, contributions, and investment income.
10. Finally, complete Part IX: Statement of Functional Expenses. Categorize your organization's expenses into program service expenses, management and general expenses, and fundraising expenses. Report the amounts accurately and provide the necessary details.

Who needs form 990ez short form:

1. Nonprofit organizations with gross receipts less than $200,000 and total assets less than $500,000 during the tax year may be eligible to file Form 990EZ. This form is a simplified version of the longer Form 990, making it easier for smaller nonprofits to report their financial information.
2. Organizations that meet the criteria for filing Form 990EZ are generally exempt from income tax and qualify for tax-exempt status under section 501(c)(3) of the Internal Revenue Code.
3. However, it's important to note that certain organizations, such as private foundations or nonexempt charitable trusts, are not eligible to use Form 990EZ and must file the standard Form 990 instead.

In conclusion, to fill out Form 990EZ short form, you need to gather relevant information, accurately complete each section of the form, and ensure compliance with the IRS guidelines. Nonprofit organizations that meet specific criteria regarding gross receipts and total assets are generally the ones who need to use Form 990EZ for their tax filing.

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