Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.
Form 990 is a tax document that certain tax-exempt organizations in the United States are required to file annually with the Internal Revenue Service (IRS). This form provides information about the organization's mission, programs, financial activities, and governance. Form 990 is used to determine if a tax-exempt organization is complying with the applicable laws and regulations and to ensure transparency regarding its operations and finances. It is public information and can be accessed by anyone interested in learning more about a particular tax-exempt organization.
Who is required to file form 990?
Form 990 is required to be filed by certain tax-exempt organizations, specifically:
1. Section 501(c)(3) organizations: These are charitable organizations, including public charities, private foundations, and certain other types of nonprofit organizations.
2. Section 501(c)(4), (5), and (6) organizations: These include social welfare organizations, labor and agricultural organizations, and business leagues, respectively. These organizations have a significant amount of their income exempt from taxation.
Note: There are certain exceptions and thresholds for filing Form 990 depending on the size and type of organization. It is recommended to consult the official IRS guidelines or seek professional advice to determine if a particular organization is required to file Form 990.
How to fill out form 990?
Filling out Form 990 requires careful attention to detail and accurate reporting of your organization's financial and operational information. Here is a step-by-step guide to help you complete the form:
1. Obtain the necessary paperwork: Download Form 990 and its accompanying instructions from the Internal Revenue Service (IRS) website.
2. Understand your organization's reporting requirements: Review the instructions carefully to determine the specific sections and schedules that apply to your organization. It is important to note that the form can vary depending on the type and size of your nonprofit organization.
3. Provide general information: Begin by entering your organization's name, address, Employer Identification Number (EIN), tax year, and other basic identifying details. Ensure the information matches what you have registered with the IRS.
4. Answer Part I - Summary: This section requires you to provide an overview of your organization's activities, mission, and governing structure. It also requires you to disclose any significant changes that occurred during the reporting year.
5. Complete Part II - Signature Block: Provide the appropriate officer's information, such as their name, title, and signature, to certify the accuracy and compliance of the form.
6. Fill out Part III - Statement of Program Service Accomplishments: Detail your organization's mission-related activities, including the number of individuals served or engaged, and any associated program expenses.
7. Complete Part IV - Checklist of Required Schedules: Check the boxes indicating which schedules you need to attach to your Form 990, based on your organization's activities and financial situation.
8. Fill out the applicable schedules: Depending on your organization's requirements, complete the necessary schedules to report specific information about areas such as compensation of officers, financial statements, fundraising activities, and more. Refer to the instructions to determine which schedules are relevant.
9. Provide financial information: Complete Part VIII - Statement of Revenues and Part IX - Statement of Functional Expenses, using accurate financial data. Be sure to classify expenses by program, management/general, and fundraising categories.
10. Review and cross-check information: Carefully review all entered data to ensure accuracy, completeness, and consistency. Cross-check your financial statements and schedules against your organization's accounting records to avoid any discrepancies.
11. Submit the form: Make a copy of the completed Form 990 for your records and send the original, along with any required schedules, to the IRS by the due date specified for your organization's tax-exempt status.
It's essential to consult with a qualified tax professional or accounting expert if you are unsure about any aspect of completing Form 990. They can provide guidance tailored to your organization's specific circumstances and ensure compliance with IRS regulations.
What is the purpose of form 990?
The purpose of Form 990 is to provide information about the activities, finances, and governance of tax-exempt organizations in the United States. It is a reporting requirement for organizations that are exempt from income tax under section 501(a) of the Internal Revenue Code. The form is used by the Internal Revenue Service (IRS) to ensure transparency and accountability of these organizations to the public and to determine if they continue to qualify for tax-exempt status. Additionally, the information provided on Form 990 is available to donors, researchers, and other interested parties to evaluate an organization's operations and financial health.
What information must be reported on form 990?
The Form 990 is the reporting form used by tax-exempt organizations in the United States. It requires organizations to provide detailed financial and operational information to the Internal Revenue Service (IRS). Here are some of the key pieces of information that must be reported on Form 990:
1. Basic organizational information: This includes the name, address, and contact details of the organization, as well as details about its tax-exempt status and governing documents.
2. Financial information: Organizations must provide detailed information about their revenue, expenses, assets, and liabilities. This includes reporting on sources of revenue (such as donations, grants, and program service fees), as well as expenditure on various categories (such as programmatic expenses, salaries, and fundraising costs).
3. Program and mission: Organizations must describe their mission and provide details about their programs and activities. This includes information about the goals, accomplishments, and impact of the organization's work.
4. Governance and management: Form 990 requires organizations to disclose details about their governance structure, policies, and procedures. This includes information about the organization's board of directors or trustees, executive compensation, and conflict of interest policies.
5. Independent financial review: Organizations with total revenue above a certain threshold must include financial statements that have been independently reviewed or audited by a certified public accountant.
6. Information about key employees: Form 990 requires organizations to provide information about their highest-paid employees, including their compensation and job responsibilities.
7. Transactions with interested persons: Organizations must disclose any transactions or financial arrangements with board members, officers, or other people with a close relationship to the organization.
8. Public support: Organizations must report on their sources of public support, including donations from individuals, corporations, and other organizations. This is used to determine whether the organization qualifies as a public charity, rather than a private foundation.
These are just some of the key information requirements on Form 990. The form is extensive and contains several schedules and attachments, depending on the size and nature of the organization. It is important for tax-exempt organizations to consult the official instructions and seek professional guidance to ensure accurate and complete reporting.
When is the deadline to file form 990 in 2023?
The deadline to file Form 990 for tax-exempt organizations in 2023 would generally be the 15th day of the fifth month following the organization's fiscal year-end. However, please note that tax filing deadlines can be subject to change, so it's important to check with the Internal Revenue Service (IRS) or a tax professional for the most accurate and up-to-date information.
What is the penalty for the late filing of form 990?
The penalty for the late filing of Form 990, which is the annual information return for tax-exempt organizations in the United States, depends on the organization's gross receipts.
For smaller organizations with average annual gross receipts of $1 million or less for the three preceding tax years, the penalty is $20 per day for each day the return is late, up to a maximum penalty of $10,000 or 5% of the organization's gross receipts, whichever is less.
For larger organizations with average annual gross receipts exceeding $1 million, the penalty is $100 per day for each day the return is late, up to a maximum penalty of $50,000.
In exceptional cases where the organization fails to file the return for three consecutive years, the penalty can be automatically revoked by the IRS if certain conditions are met.
It's important to note that these penalties are subject to change, and organizations should consult the most recent guidance from the IRS or seek professional advice for accurate and up-to-date information.
Can I create an eSignature for the form 990 2013 in Gmail?
Upload, type, or draw a signature in Gmail with the help of pdfFiller’s add-on. pdfFiller enables you to eSign your form 990 2013 and other documents right in your inbox. Register your account in order to save signed documents and your personal signatures.
How do I complete form 990 2013 on an iOS device?
Download and install the pdfFiller iOS app. Then, launch the app and log in or create an account to have access to all of the editing tools of the solution. Upload your form 990 2013 from your device or cloud storage to open it, or input the document URL. After filling out all of the essential areas in the document and eSigning it (if necessary), you may save it or share it with others.
Can I edit form 990 2013 on an Android device?
The pdfFiller app for Android allows you to edit PDF files like form 990 2013. Mobile document editing, signing, and sending. Install the app to ease document management anywhere.