IRS 990-EZ (Short Form) Return of Organization Exempt From Income Tax
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The IRS Mandates E-Filing of Form 990-EZ.
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What is IRS FORM 990-EZ?
IRS Form 990-EZ is a short form for annual information returns and must be filed by nonprofit organizations to maintain their tax-exempt status. Form 990-EZ can be filed by nonprofit organizations, non-exempt charitable trusts, and section 527 political organizations to provide the IRS with the information
required by section 6033.
" If an organization has gross receipts less than $200,000 and total assets at the end of the year are less than $500,000, then the organization is required to file Form 990-EZ, instead of filing Form 990."
Once Form 990-EZ is filed, it must be made available for public inspection. Therefore, it is important to not include private information such as a Social Security Number on an IRS 990-EZ. Documents subject to disclosure include schedules and attachments filed with the form.
IRS 990-EZ Form Deadline
After the organization's accounting period ends, a form 990-EZ must be filed within the 15th day of the 5th month. If the organization was liquidated, dissolved, or terminated, the return must be filed by the 15th of the 5th month after the date of liquidation, dissolution, or termination. If the organization changes its accounting period, it must file a Form 990-EZ for the short period resulting from the change.
Note: If the deadline falls on a Saturday, Sunday, or federal holiday, the next business day is considered the deadline.
How to E-File Form 990-EZ Electronically?
Enter the Organization Details
Select the tax year
Enter Form data
Review the Form
Transmit it to the IRS.
Ready to File Form 990-EZ Electronically
for the 2021 Tax Year?
IRS 990-EZ Form Amended Return
An organization that needs to update or change information on a previously filed 990-EZ return can file an amended return. The amended return was be made available for public inspections for the next 3 years.
To amend a 990-EZ return, the organization must file a new return. The organization must complete the entire return, not just the sections they need to update or correct.
IRS 990-EZ Form Late Filing Penalties
The IRS asseses penalties for failure to file in three ways.
Penalties Against an Organization
Unless the organization can show that the late filing was due to a reasonable cause, a penalty of $20 per day, not to exceed $10,000 or 5% of the gross receipts of the organization for the year, can be charged when a return is filed late.
Penalties Against the Responsible Person
If an organization does not file a complete return or submits incorrect information, the IRS will send the organization a letter including a fixed time to fulfill these requirements. After that period expires, the person failing to comply will be charged a penalty of $10 per day. For any one return, the maximum penalty on all persons for failures
will not exceed $5,000.
Automatic Revocation of Tax Exempt Status
If an organization fails to file the required annual return or submit an annual notice for three consecutive years, its tax-exempt status is automatically revoked. Learn more
IRS 990 EZ - Extension Form 8868
Exempt organizations that need more time to file Form 990-EZ can file an Extension Form 8868. Form 8868 provides a
6-month extension of time to file tax-exempt returns.
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