IRS Form 990-EZ Short Form Return of Organization Exempt From Income Tax

Who Can File Form 990-EZ?

Tax Form 990-EZ can be completed and submitted by tax-exempt organizations that meet the criteria established by tax authorities - this is a simplified version of the statement that elaborates on the financial activities of the entity which means only charitable trusts and political entities that did not raise significant amounts of money are permitted to file this form while not owing any tax to the government.

IRS Form 990-EZ Schedules

1. Schedule A, Public Charity Status and Public Support.
2. Schedule B, Schedule of Contributors.
3. Schedule C, Political Campaign and Lobbying Activities.
4. Schedule E, Schools.
5. Schedule G, Supplemental Information Regarding Fundraising or Gaming Activities.
6. Schedule L, Transactions with Interested Persons.
7. Schedule N, Liquidation, Termination, Dissolution, or Significant Disposition of Assets.
8. Schedule O, Supplemental Information to Form 990.

Form 990-EZ Instructions

The IRS Form 990-EZ Instructions are as follows:

1. Enter the start and the end of the fiscal period you are covering in the form. Confirm whether the return was modified, this is the first or last statement you file with the IRS, you are waiting for verification of your tax-exempt status, or the entity has undergone a name or address change. Introduce your organization - state its name, address, telephone number, and taxpayer identification number. Write down the number assigned to your corporate group to establish its exemption from paying tax, certify the accounting method you use and your form of organization, and examine the guidelines in the instrument to ensure you are entitled to submit this form.

2. List the revenue of your entity separated into various categories and compute your total revenue. Summarize your expenses and the net assets at the end of the fiscal period. Based on your balance sheets, disclose the details of your assets and liabilities. Clarify the main purpose of your organization and explain what you managed to accomplish in line with the provisions of your objectives whether you held events or invested in specific research.

3. Identify the main figures that represent your entity - from officers to key employees. You will need to state their names and titles, specify how many hours they spend every week contributing to the entity's operations, and list their compensation and benefits. Answer "yes" or "no" to multiple questions about your activities - these questions allow the IRS to confirm your tax-exempt status.

4. If you received your tax-exempt status in accordance with section 501(c)(3) of the Internal Revenue Code, confirm your participation in lobbying, your status of an educational institution, or potential transfers of funds to non-charitable entities. Additionally, you have to provide information about the employees with the highest wages and independent contractors who earned the most through working with you during the year.

5. Certify the documentation - the form must be signed by the authorized officer who also records their name, title, and actual date. Organizations are permitted to hire tax professionals to help them out with the instrument in question which means the individual who prepared the statement identifies themselves as well. Check the box to let the IRS know they can reach out to that person and talk to them directly about the details disclosed in this form.

When Is Form 990-EZ Due?

Taxpayers must submit Form 990-EZ by the fifteenth day of the fifth month that comes after the tax period described in the document - for instance, if you have outlined a calendar year in the form, the due date for you will be May 15. It is possible to file the papers later in case the due date falls on a legal holiday, Saturday, or Sunday.

If you were unable to prepare the return on time, it has to be accompanied by a formal statement that confirms the reason for the delay. It is highly advised to submit the documentation before the deadline which is why you should file IRS Form 8868, Application for Extension of Time To File an Exempt Organization Return, to obtain an automatic Form 990-EZ extension.

Where to Mail Form 990-EZ?

At the present time, tax-exempt organizations obliged to file the 990-EZ Form cannot submit paper returns - all these entities must fill out electronic reports instead. The e-file program launched by the IRS is considered a straightforward and secure option for taxpayers from all over the country; besides, you do not have to be concerned about late filing since the information will be sent to the government right away which also decreases the time IRS officials spend on reviewing the paperwork you submit.

How to File Form 990-EZ Electronically?

Make sure you comply with current Form 990-EZ filing requirements and seek the help of an authorized e-file provider - a tax professional whose job is to help taxpayers with their paperwork and later submit them to fiscal authorities via electronic tools. As long as the e-file provider has registered with the IRS, they are a reliable intermediary in your filing process - contact one of the businesses listed on the official IRS website, find out more about the software they utilize to process tax documentation, and be sure tax organs get your return on time.

IRS 990-EZ Related Forms:

• Form 990, Return of Organization Exempt from Income Tax;
• Form 990-N, Electronic Notice (e-Postcard);
• Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation.