Get the free Short Form Form 990-EY Return of Organization Exempt From ... - eastlycoming

Form Short Form Return of Organization Exempt From Income Tax 990EY OMB No 15451150 2014 Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations) Do not enter

How to fill out short form form 990-ey

How to fill out short form form 990-ey:

1. Gather the necessary information: Before starting to fill out the form, make sure you have all the relevant financial information, such as income, expenses, assets, and liabilities. Also, gather any other supporting documents that may be required.
2. Provide basic organization details: Begin by entering the basic information about your organization, such as its name, address, employer identification number (EIN), and the type of organization it is (e.g., corporation, trust, or association).
3. Complete Part I - Summary: This section requires you to provide a brief summary of your organization's mission statement, activities, and accomplishments during the tax year. Additionally, you need to indicate whether your organization has engaged in political campaign activities.
4. Report revenue and expenses: In Part II, you will need to report all the revenue your organization received during the year, including donations, grants, and any other sources of income. Likewise, you should also report any expenses incurred, such as program costs, administrative expenses, and fundraising expenses.
5. Provide balance sheet details: Part III of the form requires you to provide a balance sheet that highlights your organization's assets, liabilities, and net assets or fund balances at the start and end of the tax year. This section helps to assess your organization's financial health.
6. Answer compliance questions: Part IV consists of a series of compliance questions addressing various aspects, such as lobbying activities, excess benefit transactions, and governance policies. Respond to these questions accordingly based on your organization's activities.
7. Complete the required schedules: Depending on your organization's size and activities, additional schedules may need to be completed. These schedules provide detailed information about specific aspects, such as fundraising events, charitable activities, and foreign activities. Review the instructions to determine which schedules are necessary.

Who needs short form form 990-ey:

1. Nonprofit organizations: Short form form 990-ey is typically required for small tax-exempt organizations that have gross receipts less than $200,000 and total assets less than $500,000 during the tax year. However, certain organizations, such as churches and governmental units, are exempt from filing the form.
2. Organizations with minimal reporting requirements: If your organization meets the eligibility criteria for filing the short form, it provides a simplified alternative to the standard Form 990. This shorter form requires less detailed financial reporting but still allows the IRS and the public to assess your organization's operations and finances.
3. Compliance with IRS regulations: Filing the short form form 990-ey is essential for nonprofit organizations to comply with IRS regulations. By submitting this form, these organizations fulfill their obligation to provide transparency and accountability to the public regarding their financial activities.

Note: It is important to consult with a tax professional or refer to the official IRS instructions specific to form 990-ey to ensure accurate and complete reporting based on your organization's unique circumstances.

For pdfFiller’s FAQs

What is short form form 990-ey?

Short form form 990-EZ is a simplified version of the full Form 990 that certain small tax-exempt organizations can use to report their financial information to the IRS.

Who is required to file short form form 990-ey?

Small tax-exempt organizations with gross receipts less than $200,000 and total assets less than $500,000 are generally required to file short form form 990-EZ.

How to fill out short form form 990-ey?

To fill out short form form 990-EZ, organizations need to provide information about their financial activities, governance structure, and other relevant details as specified by the IRS instructions.

What is the purpose of short form form 990-ey?

The purpose of short form form 990-EZ is to provide the IRS with financial information about small tax-exempt organizations to ensure compliance with tax laws and regulations.

What information must be reported on short form form 990-ey?

Information such as revenue, expenses, assets, liabilities, governance structure, and other financial data must be reported on short form form 990-EZ.

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