990 Schedule C 2017-2025 Form

What is the 990 EZ C

The 990 EZ C form is a simplified version of the standard IRS Form 990, designed for smaller tax-exempt organizations. This form allows eligible organizations to report their financial activities, governance, and compliance with federal tax regulations. It is specifically tailored for organizations that meet certain income and asset thresholds, making it easier to file while still providing necessary information to the IRS and the public.

How to use the 990 EZ C

Using the 990 EZ C involves several key steps. First, organizations must determine their eligibility based on gross receipts and total assets. Once confirmed, they can download the form from the IRS website or obtain a physical copy. After filling out the required sections, organizations must ensure all necessary attachments are included, such as schedules that provide additional details on revenue and expenses. Finally, the completed form must be submitted by the designated deadline to avoid penalties.

Steps to complete the 990 EZ C

Completing the 990 EZ C requires careful attention to detail. Begin by gathering all relevant financial documents, including income statements and balance sheets. Next, fill in the organization’s basic information, such as name, address, and Employer Identification Number (EIN). Proceed to report revenue, expenses, and net assets. Be sure to complete any applicable schedules that provide further details on specific income sources or expenditures. After reviewing the form for accuracy, the final step is to sign and date it before submission.

Filing Deadlines / Important Dates

Organizations must be aware of the filing deadlines for the 990 EZ C to remain compliant. Generally, the form is due on the fifteenth day of the fifth month after the end of the organization’s fiscal year. For example, if the fiscal year ends on December 31, the form would be due on May 15 of the following year. Extensions may be available, but organizations must file the appropriate request before the original deadline to avoid late penalties.

Required Documents

When preparing to file the 990 EZ C, several documents are essential. Organizations should collect financial statements that detail income and expenses, as well as any supporting documentation for revenue sources. Additionally, records of governance, such as board meeting minutes and policies, may be required to demonstrate compliance with IRS regulations. Ensuring all necessary documents are ready will facilitate a smooth filing process.

Penalties for Non-Compliance

Failing to file the 990 EZ C on time or submitting incomplete information can lead to significant penalties. The IRS may impose fines based on the organization’s gross receipts, with increasing penalties for continued non-compliance. Additionally, organizations that neglect to file for three consecutive years may lose their tax-exempt status, which can have serious implications for their operations and funding.