In short
Form 990 is the annual information return that most tax-exempt organizations file with the Internal Revenue Service, reporting their finances, governance, activities and compensation.
Key takeaways
- Small organizations may file the shorter Form 990-EZ or the electronic 990-N postcard instead, depending on gross receipts and assets.
- Churches and certain church-related organizations don't have to file.
- Failing to file for three consecutive years automatically revokes exempt status.
Where it's tested
REG: Exempt Organizations Basics — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A small tax-exempt organization's gross receipts are normally $40,000 per year. Which annual information return may it file?