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Form 990 OMB No. 15450047 Return of Organization Exempt From Income Tax 2012 Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation)

How to fill out return of organization exempt

How to fill out return of organization exempt:

1. Obtain the necessary forms: To fill out the return of organization exempt, you will need to obtain Form 990, which is the main form for tax-exempt organizations. You can find this form on the Internal Revenue Service (IRS) website or contact the IRS for a paper copy.
2. Gather your organization's financial information: Before filling out the form, gather all the necessary financial information for your organization. This may include details of your organization's income, expenses, assets, liabilities, and other financial transactions.
3. Complete the identification section: The first section of the form requires you to provide basic information about your organization, including its name, address, Employer Identification Number (EIN), and the type of organization (e.g., corporation, trust, etc.).
4. Fill out the statement of activities: The next section of the form requires you to provide details of your organization's activities, including a breakdown of its income and expenses. Provide accurate and complete information to ensure compliance with IRS regulations.
5. Provide details of your organization's finances: In this section, you will need to provide information about your organization's financial accounts, including its balance sheet, revenue or support, and expenses. Be sure to accurately report all financial information.
6. Complete the schedule sections: Depending on your organization's activities, you may need to complete additional schedules along with the main form. These schedules provide more detailed information about specific aspects of your organization's operations.
7. Review and double-check: Once you have completed all the necessary sections and schedules, carefully review your return of organization exempt for any errors or omissions. Double-check all the information provided to ensure accuracy.
8. File the return: After reviewing and ensuring the accuracy of your form, it's time to file it. Submit your completed return of organization exempt to the IRS either electronically or through the mail, following the instructions provided on the form.

Who needs return of organization exempt?

1. Nonprofit organizations: Nonprofit organizations, including charities, religious organizations, educational institutions, and social welfare organizations, typically need to file a return of organization exempt.
2. Tax-exempt organizations: Any organization that has been granted tax-exempt status under section 501(c) of the Internal Revenue Code needs to file a return of organization exempt to maintain their exempt status.
3. Organizations with gross receipts above the threshold: According to IRS regulations, organizations with gross receipts equal to or exceeding $50,000 during their tax year are required to file a return of organization exempt.
4. Certain political organizations: Political organizations that are tax-exempt under section 527 of the Internal Revenue Code also need to file a return of organization exempt.
5. Private foundations: Private foundations, regardless of their gross receipts, must file a return of organization exempt to report their financial activities and maintain their tax-exempt status.

It's important to note that the filing requirements may vary depending on the type and size of the organization, so it's advisable to consult the IRS guidelines or seek professional advice to determine if your organization needs to file a return of organization exempt.

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What is return of organization exempt?

The return of organization exempt is a form that tax-exempt organizations must file with the IRS to maintain their tax-exempt status.

Who is required to file return of organization exempt?

Most tax-exempt organizations, including charities and religious organizations, are required to file a return of organization exempt.

How to fill out return of organization exempt?

The return of organization exempt can be filled out electronically using IRS Form 990 series or paper forms can be filled out manually and mailed to the IRS.

What is the purpose of return of organization exempt?

The purpose of the return of organization exempt is to provide the IRS and the public with information about the organization's mission, programs, and finances.

What information must be reported on return of organization exempt?

Information that must be reported on the return of organization exempt includes the organization's assets, revenue, expenses, and executive compensation.