Form 990-EZ

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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1) These statistics are based on data compiled from Form 990, Return of Organization Exempt from Income Tax, and Form 990-EZ, the short-form version of this information return.
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.
In May, in the face of enormous noncompliance, IRS created a one-time extension to file the Form 990-N and created a voluntary compliance program for delinquent Form 990-EZ fliers.
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.
If the exempt organization qualifies and chooses to file Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, Schedule F does not need to be completed, even if there are foreign activities that meet Schedule F filing requirements.
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.
Exceptions to this requirement include organizations that are included in a group return, private foundations required to file Form 990-PF, and section 509(a)(3) supporting organizations required to file Form 990 or Form 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.
1) These statistics are based on data compiled from Form 990, Return of Organization Exemptfrom Income Tax, and Form 990-EZ, and the short form version of this information return.
Generally, tax-exempt organizations are required annually to file either Form 990, Return of Organization Exempt From Income Tax, or the shorter Form 990-EZ, but the IRS has exempted organizations with gross receipts that are normally $25,000 or less (Revenue Procedure 94-17).