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Form 990-EZ is a short form return that organizations exempt from income tax must file under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code. It is designed to provide the IRS with information about the organization\'s revenue, expenses, and changes in net assets, thereby promoting transparency and accountability.

How to fill out 990-ez

How to fill out 990-ez

1. Gather necessary information: Collect all relevant financial records, including income statements and balance sheets.
2. Complete the top section: Fill in your organization’s name, address, employer identification number (EIN), and business activity.
3. Review eligibility: Ensure you meet the requirements for filing Form 990-EZ, such as gross receipts and total assets thresholds.
4. Report revenue: Fill out the revenue section by detailing all income received during the tax year.
5. List expenses: Provide a comprehensive list of expenses incurred, categorizing them appropriately.
6. Complete the balance sheet: Document your organization’s assets, liabilities, and net assets at the end of the year.
7. Answer questions: Respond to any additional questions related to your organization’s activities.
8. Sign and date: Ensure an authorized person signs and dates the form before submission.
9. File the form: Submit Form 990-EZ electronically or via mail by the due date.

Who needs 990-ez?

1. Organizations exempt from federal income tax under IRS Section 501(c)3 that qualify for simplified reporting.
2. Nonprofits with gross receipts that are less than $200,000 and total assets under $500,000 at the end of the year.
3. Small charitable organizations and certain other tax-exempt entities seeking to maintain their tax-exempt status.

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What is 990-ez?

Form 990-EZ is an annual information return that organizations exempt from income tax under section 501(c) of the Internal Revenue Code use to provide the IRS with information about their finances, programs, and activities.

Who is required to file 990-ez?

Organizations with gross receipts of less than $200,000 and total assets of less than $500,000 at the end of the tax year are required to file Form 990-EZ.

How to fill out 990-ez?

To fill out Form 990-EZ, organizations must gather financial statements, program descriptions, and other pertinent information. Then, they should follow the instructions provided by the IRS, completing each section accurately and providing necessary schedules.

What is the purpose of 990-ez?

The purpose of Form 990-EZ is to provide the IRS and the public with detailed information about an organization's income, expenses, and activities, which helps ensure transparency and compliance with tax regulations.

What information must be reported on 990-ez?

Form 990-EZ requires organizations to report basic information like IRS employer identification number, gross receipts, and expenses. It also includes details on assets, liabilities, revenue sources, and information regarding the organization's board and key staff.