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2022 revision of Form 990. Form 990 (officially, the "Return of Organization Exempt From Income Tax" [1]) is a United States Internal Revenue Service (IRS) form that provides the public with information about a nonprofit organization. [2] It is also used by government agencies to prevent organizations from abusing their tax-exempt status. [3]
If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
Mostly large and medium-sized donors created supporting organizations in order to retain some control over their donated assets. [4] Type III supporting organizations comprised the sort of supporting organization with the least surveillance by the supported organizations, which meant greater donor control, and so Type III supporting organizations quickly became the favored form.
The Taxpayer Bill of Rights 2 which came into force on July 30, 1996, added section 4958 to the Internal Revenue Code.Section 4958 adds intermediate sanctions as an alternative to revocation of the exempt status of an organization when private persons benefit from transactions with a 501(c)(3) public charity or 501(c)(4) non-profit organization.
Since 2008, most organizations whose annual gross receipts are less than $50,000 must file an annual information return known as Form 990-N. [12] [f] Form 990-N must be submitted electronically using an authorized IRS e-file provider. Form 990, Form 990-EZ, and Form 990-PF may be filed either by mail or electronically through an authorized e ...
The same public inspection requirement applies to the organization's annual return, namely its Form 990, Form 990-EZ, Form 990-PF, Form 990-T, and Form 1065, including any attachments, supporting documents, and follow-up correspondence with the Internal Revenue Service, with the exception of the names and addresses of donors on Schedule B. [35 ...