If you are someone who is struggling to file taxes and managing all the forms then you must come across the mention of
IRS Form 990. This is an informational form. It is filed annually by almost all tax-exempt organizations. In this form, these organizations provide detailed information about their activities and also finances.
There are some organizations that are exempt from all types of income taxes but for the records, the IRS needs to keep a track of all their activities and finances. With this form, these organizations also make an annual report and submit it to the IRS. these tax-exempt organizations can be any of these:
Charitable Organizations
Political Organizations
Charitable trusts
Any private foundation cannot file this form. Even if an exempt organization has not filed the Form 1023 to receive the official tax-exempt status, it still needs to file the
IRS Form 990. The income tax returns are private but the
IRS 990 Form is open for public inspection also.
It is a very usual thing for taxpayers to get more exhausted and confused as the financial year reaches its end. The time from January to April is also known as the tax season. This is the most crucial time for taxpayers. Things can get even more difficult if you are responsible for filing taxes on the behalf of an organization also. The income tax filing for an organization is completely different from personal income tax. And things can also get even more difficult if you are filing for an organization that is tax-exempt. Despite being tax-exempt, these organizations also need to provide all the information about their activities and financial situation. For this, they need to file the
IRS Form 990.
At this point you must have realized the importance of a tax professional.. But this does not mean that you should start making Google searches like ‘
Tax Services near me’. The reason for this is, you can consider taking help from a virtual accountant. Not sure how to get started? You can call us on
+1-888-660-0575. We are available 24x7.
What is IRS Form 990?
