Additional Non-Profit Services
E-File 990-EZ Form
Form 990-EZ is used to file an annual tax return to the IRS by many tax-exempt organizations as well as certain political organizations and non-exempt charitable trusts under section 501(a). Additional schedules are required to be completed depending on the activities and types of organization. The organization may also be required to file the completed Form 990-EZ with state governments to satisfy state reporting requirements.
Form 990-EZ is designed to be used by small tax-exempt organizations, non-exempt or charitable trusts. These organizations must have gross receipts of $200,000 or less in their total assets at the end of the year and less than $500,000 during the past fiscal year. An organization described in item 10 or 11 under Certain organizations with limited gross receipts, later, is required to submit Form 990-N unless it voluntarily files Form 990 or 990-EZ, as applicable.
IRS 990-EZ Form must be filed by the 15th day of the 5th month after the close of the Organization’s tax period.
For example, if the filer’s tax year ended on December 31, their deadline would be May 15 of the following year. Should it so happen that the due date falls on a holiday or on a weekend, the form is due the following business day.
No worries the IRS will send you a letter to the address on file to notify the organization to submit the required form. If an organization whose gross receipts are less than $200,000 and total assets of less than $500,000 for its tax year files its Form 990-EZ after the due date (including any extensions), and the organization doesn’t provide reasonable cause for filing late, the Internal Revenue Service will impose a penalty of $20 per day for each day the return is late. However, organizations that fail to file required Forms 990, 990-EZ, or 990-N for three consecutive years will automatically lose their tax-exempt status. A revocation of the organization’s tax-exempt status will occur on the filing due date of the third consecutively missed a year. All tax-exempt organizations must provide proof of their income every year.
Start E-Filing Now!
Difference between Form 990-EZ and 990-N?
Form 990-EZ is the annual information return form used by tax-exempt organizations that make annual gross receipts of less than $200,000 and organizations having total assets of less than $500,000. Form 990-N, also known as e-postcard used by the tax-exempt organization that makes annual gross receipts of less than $50,000. It is a short and simple Form, organizations need to provide the basic details only.
What information is required to E-File 990-EZ Form?
Organizations are required to provide basic information such as organization name, EIN, and complete address. Moreover, required to fill in financial information and additional schedule details
How can I get an extension of time to file Form 990-EZ?
Organizations can receive a 6-month extension of time to file by filing Form 8868 before the original deadline.
When do I need to file an amended Form 990-EZ?
File an Amended return to make corrections like change of address, change of fiscal year, or any major changes that happened in your organization.
Do I need to pay penalties for Form 990-EZ late filing?
Yes, the Organization needs to pay penalties for late filing. The amount of penalty is $20/day for each day the return is going to be late. It can go up to $5,000 based on the organization’s gross receipts
Do I have to file any schedules with Form 990-EZ?
Unless you want to provide additional or particular information about the organization, you are not required to file any schedules. (Schedules are A, B, C, E, G, L, N & O)
Can I get a waiver for Form 990-EZ late penalties?
Yes, late filing penalties can be waived if you have a valid reason such as illness, death, or natural disaster.
What are the different types of tax-exempt status sections in Form 990-EZ?
There are four tax-exempt status options available in tax form such as 501(c)(3), 501(c), 497(a)(1), and 527.
If you have more questions, please refer to our FAQ page.
Copyright © 2023