Form 990-EZ

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Form 990-EZ

A form that some non-profit organizations file with the IRS to report their income, expenses, and other financial information. A non-profit is eligible to file Form 990-EZ in lieu of Form 990 if it takes in less than $200,000 in gross receipts and has less than $500,000 in total assets.
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Nonprofit charitable organizations exempt from income tax under Internal Revenue Code (IRC) section 501(c)(3) filed 274,287 Forms 990 and 990-EZ and reported $3.
The unauthorized access affected nonprofit users of IRS Forms 990, 990-EZ, and 990-N (e-Postcard).
Many small and medium-size not-for-profit organizations are mostly run by volunteers, and the staff of these charities may forget or inadvertently fail to timely file Form 990, Return of Organization Exempt From Income Tax, Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, or even Form 990-N, Annual Electronic Filing Requirement for Small Exempt Organizations, which is a postcard-size information return that is electronically filed.
Organizations filing Form 990 are required to report a significant asset diversion on Part W, Section A, line 5, and provide details on Schedule 0, Supplemental Information to Form 990 or 990-EZ, explaining the nature of the diversion, the amounts involved, and corrective actions taken.
Versions of this form include 990-EZ, 990-PF, 990-T, and 990-N (also commonly known as "the e-postcard," which can only be filed electronically).
Under the IRS program, organizations eligible for relief include small tax-exempts eligible to file Form 990-N or Form 990-EZ for all three tax years between 2007 and 2009, and whose due date for their third-consecutive return is between May 17, 2010, and October 15, 2010.
threshold for filing Form 990-EZ to $50,000 in 2010.
Organizations that fall below these thresholds may choose to file the Form 990-EZ, which does not require many of the disclosures of the full Form 990.
The IRS began mailing educational letters in July to more than 650,000 small, tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, "Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ.
Blazek, a CPA and specialist in nonprofit and other tax-exempt organizations, provides step-by-step advice on gathering all the necessary data and preparing IRS Form 990 and IRS Form 990-EZ, with information on filing dates, accounting issues, public inspection, preparation of the balance sheet, situations involving 501[c](3) organizations and private foundations, the 990-T for exempt organization business income tax returns, and successful communication with the IRS.
A 1999 IRS 990-EZ tax return for the association showed the fund received $63,363 in income, consisting of $28,330 in contributions, gifts and grants and $35,033 in membership dues.