Get the free The Form 990 - Oklahoma Foundation for Excellence - ofe

Keeping up with IRS and Sarbanes-Oxley The Form 990 Revised October 23, 2007, Presented by Monica Swing, CPA October 23, 2007, Oklahoma Foundation for Excellence Round One 1 October 23, 2007, Oklahoma

How to fill out the form 990

How to fill out the form 990:

1. Start by gathering all the necessary information and documentation. This includes details about your organization's mission, programs, finances, and governance.
2. Carefully review the instructions provided by the IRS for Form 990. These instructions provide important guidance on how to complete each section accurately.
3. Begin by providing basic information about your organization, such as its name, address, and Employer Identification Number (EIN). Ensure that this information is up to date and accurate.
4. Proceed to the sections related to your organization's activities and programs. Here, you will need to provide details about the types of services or benefits your organization offers and the individuals or groups that benefit from them.
5. Move on to the financial reporting section. This includes providing information about your organization's revenue, expenses, assets, and liabilities. You may need to compile financial statements, such as a balance sheet and income statement, to accurately fill out these sections.
6. Ensure that you complete all required schedules and attachments. These schedules provide additional information about specific aspects of your organization's operations, such as executive compensation, foreign activities, and fundraising.
7. Carefully review your completed form for any errors or missing information. Double-check all calculations and make sure that every section has been addressed.
8. Sign and date the form. If your organization is required to have its financial statements audited by an independent accountant, include the auditor's report as well.

Who needs the form 990:

1. Nonprofit organizations: The form 990 is primarily required for tax-exempt organizations, such as charitable organizations, educational institutions, and religious groups. It helps the IRS monitor their activities, finances, and compliance with tax laws.
2. Gross receipts threshold: Organizations with gross receipts of $200,000 or assets worth $500,000 or more are generally required to file Form 990. Smaller organizations may be eligible to file a simplified version called Form 990-EZ.
3. Public disclosure: Even if an organization falls below the threshold for filing Form 990, it may choose to file it voluntarily. This could demonstrate transparency to donors, grantors, and the public, as the form is a publicly available document.
4. Government and other entities: Certain government agencies, political organizations, and other exempt organizations are also required to file some variant of Form 990, depending on their size and purpose.

Note: It is important to consult with a tax professional or refer to the most current instructions provided by the IRS to ensure compliance with the specific requirements and guidelines for filing Form 990.

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What is the form 990?

Form 990 is an informational tax form that certain non-profit organizations must file with the IRS.

Who is required to file the form 990?

Non-profit organizations such as charities, foundations, and other tax-exempt organizations are required to file the form 990.

How to fill out the form 990?

The form 990 can be filled out electronically using tax preparation software or by paper and mail. Organizations must provide detailed information about their finances, activities, and governance.

What is the purpose of the form 990?

The form 990 is used by the IRS to gather information about non-profit organizations' finances, activities, and governance to ensure compliance with tax laws and regulations.

What information must be reported on the form 990?

The form 990 requires organizations to report information about their revenue, expenses, assets, liabilities, activities, and governance structure.