Nonprofit organizations are required to file a 990 form with the Internal Revenue Service (IRS) annually. This form provides information about the organization's financial activities, including revenue, expenses, and assets.
Form 990 form helps the IRS and the public understand how a nonprofit is using its resources and whether it is meeting its charitable mission. It is an important tool for transparency and accountability in the nonprofit sector.
To complete Form 990, nonprofit organizations must gather and report detailed financial information, including revenue from donations, grants, and fundraising events, as well as expenses related to program services, administrative costs, and fundraising activities.
In addition to financial information, Form 990 requires organizations to provide information about their governance, leadership, and programs. This helps the IRS and the public understand how the organization is structured, how decisions are made, and how the organization is serving its constituents.
Filing a 990 form can be complex and time-consuming, but it is a critical part of being a responsible and accountable nonprofit organization. By completing Form 990 accurately and thoroughly, nonprofits demonstrate their commitment to transparency and good governance.
Per the IRS, Form 990 is due on the 15th day of the 5th month following the end of the organization's taxable year. For organizations on a calendar year, Form 990 is due on May 15th of the following year.
If you're interested in getting your Form 990 filed by our expert tax preparer who has a 100% acceptance rate filling form 990, contact us at Actionable Steps LLC! If you need to file for an extension, reach out ASAP!
Comments