2017-2025 Form

What is the Form 990 EZ

The Form 990 EZ is a streamlined version of the standard Form 990, designed for smaller tax-exempt organizations in the United States. It is primarily used by organizations with gross receipts of less than two hundred fifty thousand dollars and total assets of less than five hundred thousand dollars at the end of the tax year. This form provides the IRS with essential information about the organization’s activities, governance, and financial status, allowing for transparency and accountability in the nonprofit sector.

How to use the Form 990 EZ

To effectively use the Form 990 EZ, organizations must first determine their eligibility based on financial thresholds. Once confirmed, they can gather the necessary financial data, including income, expenses, and assets. The form is divided into several sections, each requiring specific information. Organizations should carefully fill out each section, ensuring accuracy and compliance with IRS guidelines. After completing the form, organizations can file it electronically or by mail, depending on their preference and the IRS regulations.

Steps to complete the Form 990 EZ

Completing the Form 990 EZ involves several key steps:

• Gather Financial Information: Collect all relevant financial documents, including income statements and balance sheets.
• Complete the Form: Fill out each section of the form, ensuring all required fields are completed accurately.
• Review for Accuracy: Double-check all entries for correctness to avoid any potential issues with the IRS.
• Submit the Form: File the completed form electronically or mail it to the appropriate IRS address.

Filing Deadlines / Important Dates

Organizations must be aware of the filing deadlines for the Form 990 EZ to maintain compliance. Generally, the form is due on the 15th day of the fifth month after the end of the organization's fiscal year. For organizations operating on a calendar year, this means the deadline is May 15. If the deadline falls on a weekend or holiday, the due date is extended to the next business day. Organizations can also apply for a six-month extension, allowing additional time to file the form.

Legal use of the Form 990 EZ

The legal use of the Form 990 EZ is crucial for maintaining tax-exempt status. It must be filed annually to report the organization’s financial activities to the IRS. Failure to file can result in penalties, including the loss of tax-exempt status. Additionally, the form must be completed accurately and truthfully, as any misrepresentation can lead to legal repercussions. Organizations should also retain copies of the filed form for their records and future reference.

Required Documents

When preparing to file the Form 990 EZ, organizations must have several documents on hand:

• Financial Statements: Income statements and balance sheets for the reporting period.
• Supporting Documentation: Records of contributions, grants, and any other income sources.
• Governance Documents: Bylaws, articles of incorporation, and board meeting minutes may be required for reference.

Form Submission Methods (Online / Mail / In-Person)

The Form 990 EZ can be submitted through various methods, depending on the organization's preference and IRS guidelines. Organizations may choose to file electronically using approved e-filing software, which can expedite processing times. Alternatively, the form can be mailed directly to the IRS. It is important to ensure that the correct mailing address is used based on the organization's location and whether a payment is included. In-person submissions are generally not accepted for this form.