What Is The Form 990-EZ and Who Must File It?
There are a variety of Form 990s to choose from. As a nonprofit organization, it can be difficult to decipher which your organization must file.
Here at ExpressTaxExempt, we understand that your IRS mandated filing can feel overwhelming, so we are here to help you choose the correct Form 990 and file it accurately and on time.
One of the most common forms is the Form 990 EZ. We are diving in to let you know more information about this form as well as who needs to file it.
What Is Form 990-EZ?
The Form 990-EZ is an IRS tax form that is designed specifically for tax-exempt organizations. This form reports the following financial information to the IRS:
- Revenue and expenses
- Organization activities
- Trustees, officers, and board members involved with the organization
- Compensation details
- Donor details
Organizations must provide additional information with the Form 990-EZ. This can be achieved through various Schedules.
Form 990-EZ Schedules
There are 8 Schedules in total available for Form 990-EZ that may need to be attached based on the organizational activities.
To show that the organization is acting in good faith as a responsible steward of the donations they receive, organizations must make their Form 990 available to the public.
Checkout the Form 990-EZ instructions to file accurately and securely.
Who Needs To File Form 990-EZ?
This form should be completed by tax-exempt organizations, nonexempt charitable trusts, 527 political organizations that meet this criteria:
- Gross receipts totaling less than $200,000
- Total assets less than $500,000
Now that we have covered who must file, let’s talk about deadlines.
When Should The Form 990-EZ Be Filed?
The Form 990-EZ must be filed annually. The IRS “rule of thumb” is that your organization must file the Form 990-EZ no later than the 15th day of the 5th month following the close of their accounting year.
For organizations that operate on a calendar year, the actual date is May 15. (Due to COVID 19 Pandemic, the IRS extends the deadline to July 15, 2020)
What Are The Options For Filing Form 990-EZ?
This form can either be filed by mail or electronically. Keep in mind that organizations with a tax year beginning after July 1, 2019 are required to file electronically by the IRS.
The IRS actually prefers that your organization file electronically. It is much more convenient for them, as they are able to process returns at a faster rate.
One of the advantages of e-filing for you is that you will get an instant status update letting you know that your return has been received by the IRS.
This means no more worrying about your Form getting lost in the mail and waiting for an IRS status update!
You can e-file your Form 990-EZ easily, accurately and securely with ExpressTaxExempt.
Is There An Extension Available For Form 990-EZ?
In response to the COVID-19 Pandemic, IRS extended the Form 990 filing deadline to July 15, 2020 for the Organizations whose deadline falls between 01 Apr 2020 and 14th July 2020.
The Form 8868 provides your organization with an additional six months to file your Form 990-EZ. You must apply for this extension before your Form 990-EZ deadline.
For more information, follow this link:
https://www.expresstaxexempt.com/form-990-ez/what-is-form-990-ez/
ExpressTaxExempt is here to help you file your Form 990-EZ from start to finish!
