Knowing which of the four 990 forms apply to your organization is important when you’re filing taxes. In this guide, we will break down which organizations file each 990 form to help you determine which option best suits your needs.
Types of 990 Forms
Almost all tax-exempt organizations will need to file an annual return, but the form you use depends on your financial activity. In total, there are four types of 990 forms:
To determine which form you need to file, you need to understand the basics of each one and the types of organizations that file them.
If your organization has less than or equal to $50,000 in gross receipts, you will file the 990-N form. Your gross receipts are the total amounts of income you received from all sources throughout your accounting period. You will not subtract any costs or expenses from this number.
Form 990-N is an entirely electronic form with no paper counterparts.
You will file Form 990-EZ if these conditions apply:
- Your organization has less than $200,000 in gross receipts.
- Your business’ total assets are less than $500,000.
Tax-exempt organizations, section 527 political organizations and nonexempt charitable trusts often file 990-EZ.
You may also be able to file a standard 990 form in this instance, so it is beneficial to check all requirements for 990-EZ.
If your organization has gross receipts equal to or greater than $200,000 and total assets equal to or greater than $500,000, you will file Form 990.
Certain organizations are exempt from filing Form 990, even if they meet these requirements. These include:
- Religious organizations
- Political organizations
Your Form 990 will disclose revenue, expenses, liabilities and assets. You’ll also have to describe the mission and activities of your organization.
Regardless of its financial status, any private organization will need to file a 990-PF form. This form will include information about your private foundation’s:
- Financial activities
- Rewarded grants
- Trustees and officers
Contact Marshall Jones for Tax Planning and Preparation Services
While you may understand these basics about 990 forms, it’s crucial to know there will always be exceptions. Consulting with a certified public accountant (CPA) will help you ensure that your organization meets annual reporting requirements.
We have been serving Atlanta organizations for over 30 years with integrity and professionalism. Our tax planning and preparation services will help you save time and money, and our certified public accountants and advisors have exceptional availability.
We offer tax services for any organization, and we specialize in nonprofit tax forms. Our accountants stay informed about changing tax laws to ensure you are always up to date and compliant.
If you need tax planning and preparation services in Atlanta, please contact the Marshall Jones team today to schedule an appointment.