There are several different types of Form IRS-990, each serving a specific purpose. Here is a breakdown of the various Form IRS-990 types:
1. Form 990: This is the main information return filed by most tax-exempt organizations, including public charities, private foundations, and certain other nonprofits. It provides detailed information about the organization's finances, programs, governance, and compliance with tax regulations.
2. Form 990-EZ: This is a simplified version of Form 990 and can be used by smaller organizations with gross receipts less than $200,000 and total assets less than $500,000. It requires less comprehensive reporting compared to Form 990 but still provides key financial and operational information.
3. Form 990-PF: Private foundations are required to file this form to disclose their financial activities, grants, investments, and governance. It provides information about the foundation's donors, expenditures, and compliance with the rules governing private foundations.
4. Form 990-N: Also known as the "e-Postcard," this is a simple electronic filing option for small tax-exempt organizations with gross receipts normally less than $50,000. It requires limited information, mostly including the organization's contact details and a basic financial summary.
5. Form 990-T: This form is used to report unrelated business income for tax-exempt organizations. If a tax-exempt organization engages in certain unrelated business activities generating income, they must file this form to report and pay taxes on that income.
6. Form 990-W: This is not a stand-alone form but a worksheet used to calculate the amount of estimated tax payments a tax-exempt organization should make throughout the year if it anticipates a tax liability of $500 or more on its unrelated business income.
It is important for organizations to understand which specific Form IRS-990 is applicable to them based on their size, type, and financial activities. Additionally, it's crucial to consult the IRS guidelines and seek professional advice when preparing and filing these forms to ensure compliance with tax regulations.