Get the free Forms 990 / 990-EZ Return Summary KLD YOUTH MINISTRIES ... - kldkids

0374701 11/15/2013 12:32 PM Forms 990 / 990-EZ Return Summary For calendar year 2012, or tax year beginning, and ending 61-1658764 OLD YOUTH MINISTRIES, INC. Net Asset / Fund Balance at Beginning

How to fill out forms 990 990-ez return

How to fill out forms 990 990-ez return:

1. Gather all necessary information: Before starting to fill out forms 990 and 990-ez return, gather all the required information such as your organization's financial records, employer identification number (EIN), and other relevant documents.
2. Determine which form to use: Depending on the size and nature of your organization, you need to determine whether to use form 990 or form 990-ez. Form 990 is for organizations with gross receipts exceeding $200,000 or total assets exceeding $500,000, while form 990-ez is for smaller organizations that do not exceed these thresholds.
3. Start with the identification section: Begin by filling out the identification section, which includes the organization's name, address, EIN, and other basic details. Ensure that all information provided is accurate and up-to-date.
4. Report the organization's mission and program activities: Describe the mission and program activities of your organization in the designated sections. Be clear and concise in explaining what your organization does and how it achieves its goals.
5. Provide financial information: In this section, report your organization's income, expenses, assets, debts, and other financial details. It is crucial to be accurate and transparent in reporting this information as it demonstrates the financial health of your organization.
6. Disclose governance and management: Describe your organization's board of directors, officers, and key employees. Additionally, disclose any conflicts of interest or related party transactions that may exist.
7. Complete the required schedules: Forms 990 and 990-ez have various schedules that may need to be completed depending on your organization's activities. Some common schedules include reporting on grants, compensation, and fundraising activities. Ensure that you fill out the applicable schedules accurately.
8. Review and sign the return: Before submitting the forms, carefully review all the information provided to ensure its accuracy. Once reviewed, sign the return as an authorized individual on behalf of the organization.

Who needs forms 990 990-ez return:

1. Nonprofit organizations: Forms 990 and 990-ez return are required for nonprofit organizations to provide the Internal Revenue Service (IRS) with detailed information about their activities, finances, and governance. This includes charitable organizations, educational institutions, religious organizations, and other types of tax-exempt nonprofits.
2. Organizations with significant financial activity: If your organization has gross receipts exceeding $200,000 or total assets exceeding $500,000, you are required to file form 990. If your organization falls below these thresholds, you may be eligible to file the simpler form 990-ez.
3. Organizations seeking tax-exempt status: When applying for tax-exempt status, organizations must submit either form 990 or form 990-ez as part of their application. These forms help the IRS evaluate the organization's eligibility for tax-exempt status and ensure compliance with tax laws.

Remember, it is always advisable to consult a tax professional or seek guidance from the IRS instructions specific to your organization's situation when filling out forms 990 and 990-ez return.

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What is forms 990 990-ez return?

Forms 990 and 990-EZ are used by tax-exempt organizations to provide the IRS with information about their finances and activities.

Who is required to file forms 990 990-ez return?

Most tax-exempt organizations are required to file forms 990 or 990-EZ with the IRS.

How to fill out forms 990 990-ez return?

Forms 990 and 990-EZ can be filled out electronically or on paper, following the instructions provided by the IRS.

What is the purpose of forms 990 990-ez return?

The purpose of forms 990 and 990-EZ is to provide the IRS and the public with information about a tax-exempt organization's finances and activities.

What information must be reported on forms 990 990-ez return?

Forms 990 and 990-EZ require information about the organization's income, expenses, assets, liabilities, and activities.