2015-2025 Form

What is the 990ez Form

The 990ez Form is a simplified version of the IRS Form 990, designed for smaller tax-exempt organizations. It is used to provide the IRS with information about the organization’s activities, governance, and financial status. This form is particularly beneficial for organizations with gross receipts under two hundred fifty thousand dollars and total assets under five hundred thousand dollars. By using the 990ez Form, eligible organizations can fulfill their annual reporting requirements in a more straightforward manner.

How to obtain the 990ez Form

To obtain the 990ez Form, organizations can visit the IRS website, where the form is available for download in PDF format. It is also possible to request a paper copy by contacting the IRS directly. Additionally, many tax preparation software programs include the 990ez Form, allowing organizations to complete and file it electronically. Ensuring you have the correct version for the tax year is crucial, as forms may be updated annually.

Steps to complete the 990ez Form

Completing the 990ez Form involves several key steps:

• Gather necessary information: Collect financial statements, details about the organization’s mission, and information regarding board members.
• Fill out the form: Enter the required information in the designated sections. This includes revenue, expenses, and net assets.
• Review for accuracy: Double-check all entries to ensure compliance with IRS guidelines and accuracy of reported figures.
• Sign and date the form: Ensure that an authorized individual signs the form before submission.
• Submit the form: File the completed form electronically or via mail, adhering to the specified deadlines.

Legal use of the 990ez Form

The 990ez Form is legally binding when completed accurately and submitted in accordance with IRS regulations. Organizations must ensure that all information is truthful and complete to avoid penalties. The form serves as a public document, allowing transparency regarding the organization’s operations and finances. Compliance with legal requirements is essential to maintain tax-exempt status and avoid potential audits.

Filing Deadlines / Important Dates

Organizations must be aware of specific deadlines for filing the 990ez Form. Generally, the form is due on the fifteenth day of the fifth month after the end of the organization’s fiscal year. For organizations operating on a calendar year, this typically falls on May fifteenth. Extensions may be available, but organizations must file Form 8868 to request additional time. It is crucial to adhere to these deadlines to avoid penalties and maintain good standing with the IRS.

Penalties for Non-Compliance

Failure to file the 990ez Form on time or submitting inaccurate information can result in significant penalties. The IRS may impose fines based on the organization’s gross receipts, with penalties increasing for repeated failures to comply. Additionally, non-compliance can jeopardize an organization’s tax-exempt status, leading to further financial and legal repercussions. Organizations are encouraged to prioritize timely and accurate filing to avoid these risks.