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Form 990 (officially, the " Return of Organization Exempt From Income Tax " [1]) is a United States Internal Revenue Service (IRS) form that provides the public with information about a nonprofit organization. [2] It is also used by government agencies to prevent organizations from abusing their tax-exempt status. [3] Some nonprofits, such as hospitals and other healthcare organizations, have ...
The United States Internal Revenue Service (IRS) uses forms for taxpayers and tax-exempt organizations to report financial information, such as to report income, calculate taxes to be paid to the federal government, and disclose other information as required by the Internal Revenue Code (IRC). There are over 800 various forms and schedules. Other tax forms in the United States are filed with ...
This limiting of the powers is crucial to obtaining tax exempt status with the IRS and then on the state level. [12] Organizations acquire 501 (c) (3) tax exemption by filing IRS Form 1023. [13] As of 2006, the form must be accompanied by an $850 filing fee if the yearly gross receipts for the organization are expected to average $10,000 or more.
^ a b "Instructions for Schedule C (Form 990 or 990-EZ)" (PDF). U.S. Internal Revenue Service. 2016. Retrieved December 4, 2016.
A 501 (c) organization is a nonprofit organization in the federal law of the United States according to Internal Revenue Code (26 U.S.C. § 501 (c)) and is one of over 29 types of nonprofit organizations exempt from some federal income taxes. Sections 503 through 505 set out the requirements for obtaining such exemptions. Many states refer to Section 501 (c) for definitions of organizations ...
The organization itself will be exempt from taxation as long as it does not engage in unrelated business activities. Such organizations are then required to file Form 990. [4]
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