Introduction to Form 990-EZ
The Form 990-EZ is an annual information return that certain tax-exempt organizations must file with the Internal Revenue Service (IRS). The form is used to report the organization's financial activities, governance, and compliance with tax laws.
To determine if your organization is eligible to file Form 990-EZ, you must review the IRS eligibility criteria, which include factors such as annual gross receipts and total assets.
Where to File Form 990-EZ
Tax-exempt organizations can file Form 990-EZ electronically through the IRS website or by mail. Electronic filing is the preferred method, as it reduces errors and processing time.
To file by mail, organizations should send the completed form to the IRS address listed in the instructions, which is usually the Ogden, Utah, or Cincinnati, Ohio, service centers.
Submission Instructions for Form 990-EZ
Before submitting Form 990-EZ, organizations must ensure they have completed all required sections and schedules. This includes providing detailed financial information, such as income, expenses, and assets.
Additionally, organizations must attach supporting documentation, such as financial statements and governance policies, as required by the IRS.
Electronic Filing Requirements
To electronically file Form 990-EZ, organizations must register for an IRS e-services account and obtain a username and password. They can then submit the form through the IRS website.
The IRS also offers a list of approved e-file providers that can assist organizations with the electronic filing process.
Common Errors and Penalties
Organizations that fail to file Form 990-EZ or submit an incomplete or inaccurate return may be subject to penalties and fines. Common errors include failing to report required information or submitting the form late.
To avoid penalties, organizations should carefully review the form instructions and ensure they have completed all required sections and schedules accurately and on time.
Frequently Asked Questions
What is the deadline for filing Form 990-EZ?
The deadline for filing Form 990-EZ is the 15th day of the 5th month after the organization's tax year ends.
Can I file Form 990-EZ electronically?
Yes, the IRS allows tax-exempt organizations to file Form 990-EZ electronically through their website or through an approved e-file provider.
What is the penalty for late filing of Form 990-EZ?
The penalty for late filing of Form 990-EZ is $20 per day, up to a maximum of $10,000 or 5% of the organization's gross receipts, whichever is less.
Do I need to attach supporting documentation to Form 990-EZ?
Yes, the IRS requires organizations to attach supporting documentation, such as financial statements and governance policies, as required by the instructions.
Can I amend a previously filed Form 990-EZ?
Yes, organizations can amend a previously filed Form 990-EZ by filing a new return with the corrected information and checking the 'Amended Return' box.
How do I get an extension to file Form 990-EZ?
Organizations can request an automatic 6-month extension to file Form 990-EZ by submitting Form 8868, Application for Extension of Time to File an Exempt Organization Return.