Last updated on Aug 26, 2015
Get the free Form 990 Return of Organization Exempt From Income Tax
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What is Form 990 2013
The Form 990 Return of Organization Exempt From Income Tax is a tax document used by tax-exempt organizations to report their financial information to the IRS.
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Comprehensive Guide to Form 990 2013
Understanding the Form 990 Return of Organization Exempt From Income Tax
Form 990 serves as a critical IRS document that tax-exempt organizations use to report their financial activities and operations. Its role in tax reporting for nonprofits is invaluable in promoting transparency and accountability within the sector. By providing detailed insights into a nonprofit's financial health, Form 990 helps stakeholders understand how funds are utilized and received, thus fostering trust among donors and the general public.
Purpose and Benefits of Form 990
Organizations must file Form 990 to comply with federal tax regulations and maintain their tax-exempt status. One significant benefit is the public accountability it promotes, allowing potential donors to review financial data before contributing. Moreover, a well-prepared Form 990 can enhance a nonprofit's ability to attract funding and grants by offering a transparent view of its financial health.
Key Features of Form 990
The form comprises several critical sections that detail an organization's mission statements, revenue, expenses, and assets. Each part is essential for presenting an accurate financial picture. Notably, signatures from the organization’s President and Preparer must be included, ensuring that the information provided is verified and trustworthy.
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Mission statements outlining organizational goals.
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Details of revenue sources and expenditures.
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Assets and liabilities that represent financial standing.
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Required signatures from both the President and Preparer.
Who Needs to File Form 990?
Tax-exempt organizations, including charities and foundations, are obligated to file Form 990. Eligibility criteria usually include having gross receipts above a specified threshold, whereas smaller nonprofits might qualify for different reporting forms. Exceptions exist where certain organizations may be exempt from filing based on specific circumstances.
When and How to File Form 990
Filing timelines for Form 990 typically demand submissions by the 15th day of the fifth month following the end of the organization's fiscal year. For the 2013 tax year, specific deadlines need to be adhered to for timely reporting. Organizations can submit the form electronically or via mail after ensuring that all necessary pre-filing preparations are completed.
Step-by-Step Guide to Fill Out Form 990 Online
Completing Form 990 requires meticulous attention to detail. Users should begin by gathering required financial information, such as revenue and expense records. A field-by-field breakdown can simplify this task, particularly when leveraging tools available through platforms like pdfFiller that streamline the filling process.
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Collect financial statements and records.
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Access the form via pdfFiller's intuitive interface.
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Input organization details in the appropriate fields.
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Review for accuracy and completeness before submission.
Common Mistakes to Avoid When Filing Form 990
Filing errors can lead to rejection, which is why it’s essential to educate users on common pitfalls. Frequent errors include incomplete fields, incorrect financial data, and failing to include necessary signatures. Having a validation checklist can aid organizations in ensuring that their submission is accurate and compliant with IRS requirements.
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Ensure all fields are completed accurately.
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Double-check financial figures against source documents.
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Confirm that signatures are included from required parties.
Enhancing Security and Compliance When Using Form 990
Data security is a critical concern when handling sensitive information. pdfFiller utilizes robust security measures, such as 256-bit encryption, to protect user data during the filing process. Additionally, compliance with regulations like HIPAA and GDPR furthers the commitment to safeguarding information related to Form 990.
What Happens After You Submit Form 990
Once Form 990 is submitted, users should expect a confirmation notice from the IRS, indicating that their filing has been received. Understanding how to track the submission and make amendments if necessary is crucial for maintaining compliance and addressing any discrepancies that may arise in the future.
Leveraging pdfFiller for Your Form 990 Filing Needs
Utilizing pdfFiller can significantly streamline the management of Form 990. The platform’s features allow for easy editing, signing, and secure storage of the document, making it user-friendly and efficient for organizations. By simplifying the entire filing process, pdfFiller enhances overall compliance and ensures that users can focus on their mission-driven work.
How to fill out the Form 990 2013
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1.To access the Form 990 on pdfFiller, visit the website and search for 'Form 990 Return of Organization Exempt From Income Tax' in the template library.
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2.Once you find the form, click on it to open it in pdfFiller's online editor.
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3.Before starting to fill out the form, gather necessary information such as organizational financial data, mission statement, and signatures from authorized individuals like the President and Preparer.
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4.Navigate through the form by clicking on each field to fill in details about your organization's activities, revenue, expenses, and assets.
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5.Utilize pdfFiller’s tools to enter data accurately and ensure that you address all required sections of the form thoroughly.
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6.After entering all required information, review each section meticulously for accuracy, ensuring all data matches your supporting documents.
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7.Once you are satisfied with the entries, click on the 'Finish' button to finalize the form, and follow prompts to download or submit your form directly within pdfFiller.
Who is eligible to file Form 990?
Nonprofit organizations that qualify as tax-exempt under IRS regulations are eligible to file Form 990. This includes charities and other organizations that do not pay federal income tax.
What is the deadline for submitting Form 990?
Form 990 is typically due on the 15th day of the 5th month after the end of the organization's fiscal year. For organizations with a fiscal year ending December 31, the deadline is May 15.
How can I submit Form 990?
Form 990 can be submitted electronically through the IRS e-file system or by mailing a printed copy to the appropriate IRS address based on your location and organization type.
Are there any required supporting documents for Form 990?
Organizations must include financial statements, revenue documentation, and information about governance and activities if applicable. Ensure these documents are accurate and ready to be reported on the form.
What common mistakes should I avoid when filling out Form 990?
Common mistakes include misreporting financial data, omitting required signatures, and failing to submit on time. Double-check each entry and ensure complete accuracy to avoid penalties.
How long does it take to process Form 990?
Processing times for Form 990 can vary, but it generally takes the IRS 3 to 6 months to review and acknowledge the form, depending on their workload and any issues with submitted information.
What should I do if I make a mistake on my Form 990?
If you realize there's a mistake after submission, you should file an amended Form 990 as soon as possible to correct the errors and provide the updated information to the IRS.
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