Form 990 https://sablebusiness.com/ is a tax form that must be filed by most tax-exempt organizations, including charities, foundations, and social welfare organizations. The form provides the IRS with information about the organization’s finances, activities, and governance.
Form 990 is important for several reasons. First, it helps the IRS to ensure that tax-exempt organizations are complying with the law. Second, it provides the public with information about how tax-exempt organizations are spending their money. Third, it can be used by donors to assess the financial health and transparency of an organization before making a donation.
There are two versions of Form 990: Form 990 and Form 990-EZ. Form 990 is the more detailed form and is required for organizations with more than $200,000 in annual gross receipts. Form 990-EZ is a shorter form that is available for organizations with less than $500,000 in annual gross receipts.
Form 990 is due on the 15th day of the fifth month following the end of the organization’s fiscal year. For example, if an organization’s fiscal year ends on December 31, 2023, Form 990 is due on May 15, 2024.
The form can be filed electronically or by mail. The IRS website has a helpful guide on how to file Form 990.
What information is reported on Form 990?
Form 990 reports a wide range of information about the organization, including:
- Financial information, such as revenue, expenses, assets, and liabilities
- Activities, such as programs and services provided
- Governance, such as board of directors and compensation
- Unrelated business income
How can I find out more about Form 990?
The IRS website has a wealth of information about Form 990, including the instructions for the form, a guide to filing electronically, and a searchable database of organizations that have filed Form 990.
You can also find information about Form 990 on the websites of many nonprofit organizations, such as the National Council of Nonprofits and GuideStar.
Form 990 is an important document that provides the IRS and the public with information about tax-exempt organizations. By understanding the form and what information is reported, you can make informed decisions about your donations and help to ensure that tax-exempt organizations are complying with the law.