Get the free Form 990-EY Short Form Return of Organization Exempt From Income Tax OMB No

Form 990-EY Short Form Return of Organization Exempt From Income Tax OMB No. 1545-1150 2004 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 990-ey short form

How to fill out form 990-ey short form:

1. Obtain the form: To fill out the form 990-ey short form, you will first need to obtain a copy of the form. It can be downloaded from the official website of the Internal Revenue Service (IRS) or requested by mail.
2. Review the instructions: Before starting to fill out the form, carefully read the instructions provided with the form. This will help you understand the requirements, applicable sections, and any specific guidelines for completing the form accurately.
3. Ensure eligibility: Confirm whether you meet the eligibility criteria for filing the 990-ey short form. This form is specifically designed for certain types of organizations, such as certain trusts, pension plans, and exempt organizations with gross receipts less than $200,000 and total assets less than $500,000.
4. Gather information and supporting documents: Collect all the necessary information and supporting documents required to complete the form. This may include financial records, details of activities and programs, employee compensation details, and any other relevant information needed to accurately report your organization's financials.
5. Fill out the form: Start filling out the form by providing the required identification details, such as your organization's name, address, employer identification number (EIN), and tax period. Follow the instructions for each section, providing accurate and complete information as requested.
6. Record financial information: Within the relevant sections of the form, record your organization's financial information, such as revenue, expenses, assets, and liabilities. This may involve providing details on specific types of income and expenses, disclosure of related party transactions, and reporting any other required financial data.
7. Answer supplementary questions: The form may include supplementary questions that pertain to certain activities or transactions. Answer these questions accurately and provide any additional information as requested to provide a comprehensive understanding of your organization's operations.
8. Check for accuracy and completeness: Once you have filled out all the required sections, carefully review the form to ensure accuracy and completeness. Double-check all calculations, cross-reference supporting documents, and verify that all necessary information has been provided.
9. Sign and submit: After completing the form, sign it as the authorized person and include the date. Keep a copy for your records and submit the form to the IRS as per the instructions. Pay attention to any filing deadlines or additional requirements, such as attaching schedules or additional forms, if applicable.

Who needs form 990-ey short form?

1. Certain trusts: Certain types of trusts are required to file form 990-ey short form. These may include charitable remainder trusts, supporting organizations, and certain types of grant-making foundations. It is important to review the eligibility criteria outlined in the form instructions to determine if your trust is required to file.
2. Pension plans: Certain pension plans also need to file form 990-ey short form. This typically applies to pension plans that meet the eligibility requirements, such as those with fewer participants or small asset values. If you are responsible for managing a pension plan, consult the form instructions to determine if filing is required for your specific plan.
3. Exempt organizations with specific thresholds: Exempt organizations with gross receipts less than $200,000 and total assets less than $500,000 may be eligible to file form 990-ey short form. However, it is important to review the instructions and eligibility criteria to ensure your organization meets the necessary requirements for filing this form.

Note: The information provided here is for general informational purposes only and should not be considered as professional advice. It is recommended to consult with a tax professional or refer to the official IRS resources for specific guidance on filling out form 990-ey short form.

For pdfFiller’s FAQs

What is form 990-ey short form?

Form 990-EY is a short form version of Form 990 designed for organizations with gross receipts of less than $200,000 and total assets of less than $500,000.

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

Organizations with gross receipts of less than $200,000 and total assets of less than $500,000 are required to file form 990-EY short form.

How to fill out form 990-ey short form?

Form 990-EY can be filled out online or by mail. It requires information on the organization's finances, activities, and governance.

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

The purpose of form 990-EY is to provide the IRS with information about the organization's finances and activities to ensure compliance with tax laws.

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

Form 990-EY requires information on the organization's revenue, expenses, assets, liabilities, programs, and governance structure.

When is the deadline to file form 990-ey short form in 2023?

The deadline to file form 990-EY for the 2023 tax year is typically the 15th day of the 5th month after the end of the organization's fiscal year.

What is the penalty for the late filing of form 990-ey short form?

The penalty for late filing of form 990-EY can range from $20 to $100 per day, with a maximum penalty of $50,000.

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