IRS Form 990: Details & Filing Requirements

The 990 Form, which is also called the Return of Organization Exempt From Income Tax, is a publicly disclosed form by the Internal Revenue Service (IRS) of the US. It’s designed to let such organizations as nonexempt charitable trusts and tax-exempt entities to comply with section 6033. Along with Form 990-EZ, Form 990 collects the required information from these entities. Other versions of the form include Form 990-T, 990-N, and 990-PF. This form must be filed annually by the majority of organizations that are considered tax-exempt based on section 501(a). This case requires the original Form 990, Form 990-EZ, or Form 990-N, also known as an annual electronic notice. The type depends on the total assets and gross receipts of your organization. You cannot use the Consolidated Form 990 without the special requirement.

IRS form 990 instructions

The 990 Form consists of 12 parts dedicated to:

• summary;
• signature block;
• of program service accomplishments;
• a checklist of required schedules;
• statements regarding other IRS filings and tax compliance,
• governance, management, and disclosure;
• compensation of officers, directors, trustees, key employees, highest compensated employees, and Independent contractors;
• statement of revenue;
• statement of functional expenses;
• balance sheet;
• reconciliation of net assets;
• financial statements and reporting.

If your organization’s average gross receipts don’t surpass $50,000, you’re required to file the 990-N version of Form 990 online. For more exceptions, please, check section 509(a)(3) or Section B. Form 990-EZ works if your organization’s gross receipts are $200,000 and lower. At the same time, your total assets by the end of the year don’t top $500,000.

When the form is filled out, {website name} experts recommend you to check the provided information several times to avoid delays. You must send Form 990 to IRS by the 15th day of the 5th month after your organization’s accounting year closes. However, the deadline may move if it falls on any legal holiday. If you process the closing of the organization, you still have to provide IRS with the document during the same period after the company stops its functioning.

If your tax year starts on July 2nd, 2019 or later, you must file the form only online. However, there are 5 exceptions that don’t allow you to do that. You can’t file digitally, if:

• you changed the name of your organization and mentioned it in the form;
• you apply for the form for the very first time;
• your exemption is confirmed but still on the pending (check inbox D);
• your previous digital form 990 wasn’t accepted by the IRS electronic system.
• you filed before the end of the current tax year.

If you need to attach data to your Form 990, you can use Form 990 extensions. They include Form 8868 (Application for Automatic Extension of Time to File an Exempt Organization Return) and Form 4506 (Request for Copy of Tax Return). Don’t forget to mention which parts and schedules of the form are amendments (if there are any) and describe them.

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