Though nonprofit organizations can be exempt from paying taxes, that doesn’t mean they don’t have to file their taxes each year. The IRS requires certain forms to be filled out depending on the type of organization based on its size and the type of organization it is. Here are possible forms that a nonprofit organization will need to file each year.
The smallest nonprofit organizations have the simplest form to file during tax season. Form 990-N is available for tax-exempt organizations with usual receipts of $50,000 or less. This form is due by the 15th day of the fifth month at the end of the tax year for your organization—for calendar-year taxpayers, that will be May 15th. You can file Form 990-N online or on the e-Postcard website.
Form 990-EZ is available for organizations whose receipts gross less than $200,000 and whose assets are less than $500,000. Organizations must report their revenues, expenses, and changes in net assets or fund balances in the first part of the form and the simplified balance sheet in part two. In part three, organizations must list the statement of program accomplishments, then list officers, directors, trustees, and key employees in part four. Part five is a miscellaneous section that all organizations must complete, while part six is only required to be filled out by those tax-exempt under 501(c)(3). Once completed, an authorized person must sign the return.
This form can be filed by an organization of any size but is mandatory for organizations with gross receipts over $200,000 and assets over $500,000. The first page of this form is similar to Form 990-EZ, though, unlike the shorter form, the full Form 990 may require completing and attaching several schedules and in-depth information on the organization. As with the other nonprofit tax returns, Form 990 is subject to public disclosure.
Though there are few, certain organizations aren’t required to file tax returns with the IRS. Certain religious organizations (such as churches and schools), certain government organizations, certain political organizations, and black lung benefit trusts do not need to file any version of Form 990, no matter their receipts or assets.