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!