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Understanding Form 990 Series for Non-profits

Not all nonprofits file the same Form 990. The IRS uses different versions of Form 990 based on an organization’s size, activity, and revenue. So, this article will help you understand everything you need to know about Form 990, including what it is, who is required to file it, when to file it, and the different versions that exist.

What is Form 990?

Form 990 is an informational document that tax-exempt nonprofit organizations are required to file with the IRS every year. Essentially, the form functions as a report of your organization’s year. The information an organization must include depends on which form it is required to file.

Typically, a Form 990 includes:

  • Descriptions of programs and services
  • Revenue
  • Unrelated business income
  • Expenses
  • Grants

There are different forms under the 990 series, including Forms 990, 990-EZ, 990-PF, 990-N, and 990-T, used by nonprofits and tax-exempt organizations to report their financial activities. It provides transparency into an organization’s income, expenses, operations, and practices. It is also an indicator of their compliance with federal tax laws.

Types of Form 990 Series

There are different versions of Form 990 and the version your organization will use depends on the gross receipts and total assets for the most recent tax year.

Form 990 (Return of Organization Exempt From Income Tax)

Certain tax-exempt organizations, charitable trusts, and political groups with $200,000+ in gross receipts or $500,000+ in assets use Form 990 to report their financial activities.

Form 990-EZ (Short Form Return of Organization Exempt From Income Tax)

Used by smaller organizations with under $200,000 in gross receipts and $500,000 in assets to report their annual financial activities to the IRS.

Form 990-PF (Return of Private Foundation)

This form is exclusively used by private foundations to calculate tax based on investment income and to report charitable distributions and activities. There is no minimum income or asset size to consider here. All private foundations must file this form.

Form 990-N (e-Postcard)

This is an electronic notice used by small tax-exempt organizations with $50,000 or less in gross receipts. They must file in place of Form 990 or 990-EZ.

Form 990-T (Exempt Organization Business Income Tax Return)

Tax-exempt organizations with $1,000 or more of gross income from unrelated trade or business activities must use this form to report income and calculate their tax liability.

Who Files Form 990 Series?

Usually, certain tax-exempt organizations and non-profits have to file Form 990 series. These are some of the common types of organizations that are required to file a form from the 990 series:

  • Organizations, including most 501(c) tax-exempt entities
  • Section 527 political organizations
  • Non-exempt charitable trusts
  • Private foundations
  • Hospital organizations
  • Donor-advised fund sponsors
  • Foreign/territory organizations

Form 990 Series Deadlines & Penalties

Form 990 including 990-EZ, 990-PF, 990-N, 990-T are all due on the 15th day of the 5th month after the year end, which is typically May 15 for calendar filers.

Form Late Filing Penalty
990 / 990-EZ / 990-PF For organizations with gross receipts less than $1,208,500, the penalty is $20 per day, up to the lesser of $12,000 or 5% of gross receipts.

For organizations with gross receipts of more than $1,208,500, the penalty is $120 per day, up to a maximum of $60,000.

Failure to file for three (3) consecutive years triggers an automatic revocation of tax-exempt status.
990-N No monetary penalty. However, failing to file for three (3) consecutive years will trigger an automatic revocation of tax-exempt status.
990-T 5% of the unpaid tax for each month (or part of a month) the return is late, up to a maximum of 25%.

If the return is more than 60 days late, the penalty is the lesser of 100% of the unpaid tax or $510.

Tax1099 Now Supports E-filing For Form 990 Series!

Tax1099 has officially launched Form 990 series e-filing. You can now e-file Form 990, 990-EZ, 990-PF, 990-N, and 990-T on our platform.

Benefits of E-filing With Tax1099:

  • Guided filing process with in-built data validation
  • View all your past submissions for up to 3 to 4 years
  • Access and e-file your forms from anywhere: desktop, mobile, or tablet
  • Receive real-time notifications and alerts on your filing status
  • Get role-based access controls and user management
  • Live chat, 24/7 AI-assisted chat, and email for any filing assistance

E-file 990series with Tax1099 and simplify nonprofit compliance.

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