File Form 990-EZ

The IRS charges penalty fees to organizations who file Form 990-EZ late or submit an incomplete return. Fees are either $20 for each day your return is late or $100 each day if gross receipts are more than $1 million. Maximum penalty fees can reach up to $50,000 or 5% of total revenues, whichever is smaller. If you fail to file Form 990-EZ for 3 co... nsecutive years, your organization automatically loses its tax-exempt status. IRS Form 990-EZ is a tax form for exempt organizations to annually report revenue, expenses, and other information to the federal government. The 990-EZ form functions as a more simple return for tax-exempt groups with gross receipts less than $200,000 and total assets less than $500.000. Most organizations exempt from income tax under section 501(a) and with total revenues less than $200,000 must file Form 990-EZ which includes, but not limited to, hospitals, schools, charities, political organizations, and even animal rescues. The IRS requires exempt organizations to file Form 990-EZ to verify tax-exempt services and activities and to report income and expense amounts. 990 forms also serve as the primary or only source of information about a particular nonprofit organization to the public. The public can determine its perception of an exempt organization from information filed on a 990 form.Read More