Step-by-Step Guide on Form 990 Filling
- 13 December 2022
The 990 IRS Form is an annual information return required to be filed with the Internal Revenue Service (IRS) by most tax-exempt organizations including charitable and non-profit organizations. The form is used to provide information to the IRS in order to ensure that the organization is in compliance with federal tax law. The form includes information on the organization's mission, activities, services, income, and expenses.
This guide will help you in filling out the 990 IRS Form. Before you start, it is important to gather all the necessary information and documents you need to complete the form. This includes information about the organization’s mission, activities, sources of income and expenses, and other relevant information.
- Basic Information
This section of the form requires basic information about the organization, such as its name, address, and employer identification number (EIN). You will also need to provide the name and address of the principal officer of the organization.
- Statement of Program Service Accomplishments
The purpose of this section is to provide information about the organization’s mission and activities during the tax year. This section requires a description of the organization’s program activities and accomplishments, including any grants or awards made during the year.
- Checklist of Required Schedules
This section requires you to check the boxes indicating which of the required schedules you will be filing with the form. This section also requires you to provide information about related organizations, the compensation of officers, directors, trustees, and employees, and the organization’s investments.
- Statement of Revenue
In this section, you need to provide information about the organization’s sources of income during the tax year. This includes contributions, grants, membership fees, and other income sources.
- Statement of Functional Expenses
This part is for information about the organization’s expenses during the tax year. This includes salaries and wages, professional fees, travel expenses, and other expenses.
- Balance Sheet
Here you have to fill in information about the organization’s assets and liabilities, as well as the amount of net assets or fund balances at the end of the tax year.
This section requires the signature of the organization’s principal officer or other authorized representative.
Once you have completed the form, it is important to review it for accuracy and completeness before submitting it to the IRS. This is to ensure that you comply with all federal tax laws.
After submitting the form, the IRS will review it and may request additional information or documents from you. It is important to respond to any requests from the IRS promptly and accurately to avoid any penalties or other consequences.