Form 990

Form 990

The tax return for a tax exempt organization in the United States. Charities, for example, must file Form 990 every year to maintain their legal nonprofit status.
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The IRS Form 990 officially known as Return of Organization Exempt From Income Tax is an informational tax form filed annually by tax-exempt organizations with gross receipts of at least $200,000 or assets worth at least $500,000 to be exempted from income tax.
With the May 15 filing deadline fast approaching, the IRS cautions these groups not to include Social Security numbers or other unnecessary personal information on their Form 990.
As accountants, we may find ourselves being called on to assist these organizations by preparing their Form 990, Return of Organization Exempt from Income Tax.
Form 990 data had previously been accessible only in image files.
Over 100 questions await the Form 990 preparer, covering topics such as officer and director compensation, governance, programming, lobbying, and political activity.
Current CUNA president/CEO Jim Nussle, who started his position in September 2014, received $237,896 in compensation for that year, according to the form 990 filed by CUNA.
The Urban Institute's National Center for Charitable Statistics (NCCS) recently discovered unauthorized access of its Form 990 Online and e-Postcard filing systems for some 850,000 organizations.
Smaller not-for-profit organizations that don't file Form 990 or file late may be unpleasantly surprised at how large the penalties can be.
A key question now included on Form 990 asks, "Did the organization become aware during the year of a significant diversion of the organization's assets?
1 Revenue less expenses 2 Reported on IRS Form 990 as $792.
Under this status, the organization is tax-exempt under Section 501 (c)(3) of the tax code but doesn't have to file a Form 990, a detailed financial statement that tax-exempt groups must file with the IRS and make publicly available.