The IRS recently finalized and released the 2009 Forms 990 and 990-EZ, used for filing annual tax information returns for nonprofit 501(c) tax-exempt organizations. There were some changes made to clarify and modify reporting requirements.

As a reminder, small nonprofits that bring in revenue of less than $25,000 per year must file annual returns, a requirement that began about 2 years ago. If a small nonprofit has a history of non-filing, it will jeopardize its tax-exempt status. If your 2009 fiscal year ended on December 31, 2009, your 2009 annual return is due by May 15, 2010.

The Firm can prepare and file your IRS nonprofit tax returns for 2009 and any delinquent prior years. Should you want to learn more about this post or our services, please visit www.DandridgeLaw.com or email ContactUs@DandridgeLaw.com

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Labels: IRS Tax Return, Nonprofit Annual Return, nonprofit compliance, Nonprofit Information Return, tax returns

Some nonprofit organizations are unaware that they must complete an annual tax return, (in the case of a nonprofit, the term is 'information return') to be filed with the IRS. IRS Form 990 is the base form that must be filed by nonprofit organizations. The specific Form 990 (990-N, 990-F, 990-EZ, etc.) that must be used for your type of nonprofit organization depends largely on the amount of revenue the nonprofit realized for the tax year being reported, and the type of organization. Different types of nonprofits include public charities, private foundations, family foundations, and all 501(c) indications. As your filing deadline for the year 2008 is fast approaching, be sure to have your annual information return prepared as soon as possible, to avoid penalties and potentially losing your tax-exempt status.

The IRS recently updated the 2008 Forms 990 and 990-EZ. To assist nonprofits in understanding the new form, the following materials highlight significant changes to the Form and instructions, and explain the 2008 Form 990 redesign process.

Filing Threshold Table/Chart
On-Line Mini-Courses on Redesigned Form 990
IRS Issues Instructions for New Form 990 (News Release IR 2008-98)
2008 Form 990-EZ Instructions Released
Background Paper--Summary of Form 990 Redesign Process
Background Paper--Form 990, Moving From the Old to the New
Chronological History: Redesign of the 2008 Form 990 and Corresponding Instructions

Please contactus@dandridgelaw.com should you have any questions regarding this post or our services.

Labels: IRS Tax Return, Nonprofit Annual Return, Nonprofit Information Return, Nonprofit Tax Return