2024-2025 Form

What is the Form 990 EZ

The Form 990 EZ is a simplified version of the standard Form 990, designed for small tax-exempt organizations in the United States. This form is primarily used by organizations with gross receipts of less than $200,000 and total assets under $500,000. It provides the IRS with essential information about the organization's financial activities, governance, and compliance with tax regulations. By filing this form, organizations can maintain their tax-exempt status and ensure transparency in their operations.

How to use the Form 990 EZ

Using the Form 990 EZ involves several key steps. First, organizations must gather their financial records, including income statements, balance sheets, and details of any grants or contributions received. Next, they should carefully complete the form, ensuring that all required fields are filled out accurately. This includes providing information about the organization’s mission, programs, and financial activities. Once completed, the form can be submitted electronically or by mail to the IRS, depending on the organization’s preference and capabilities.

Steps to complete the Form 990 EZ

Completing the Form 990 EZ requires careful attention to detail. Here are the steps to follow:

• Gather necessary financial documents, including income and expense statements.
• Fill out the organization’s identifying information at the top of the form.
• Report total revenue, expenses, and changes in net assets in the appropriate sections.
• Provide information about the organization’s programs and mission.
• Complete the governance section, detailing the board of directors and key personnel.
• Review the form for accuracy and completeness before submission.

Filing Deadlines / Important Dates

Organizations must be aware of specific deadlines when filing the Form 990 EZ. 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 an organization’s fiscal year ends on December 31, the Form 990 EZ would be due by May 15 of the following year. It is crucial to file on time to avoid penalties and maintain good standing with the IRS.

Key elements of the Form 990 EZ

The Form 990 EZ includes several key elements that organizations must complete. These elements typically consist of:

• Basic organizational information, including name, address, and EIN.
• Financial summary, detailing revenue, expenses, and net assets.
• Program service accomplishments, outlining the organization’s mission and activities.
• Governance information, including details about the board of directors and key staff.

Legal use of the Form 990 EZ

The Form 990 EZ must be used in accordance with IRS regulations. It is legally required for eligible tax-exempt organizations to file this form annually. Failure to do so can result in penalties, including the loss of tax-exempt status. Organizations should ensure that they are compliant with all legal requirements and maintain accurate records to support the information reported on the form.