Choose the Form 990 series return from gross receipts and total assets

Key facts

Human involvement

Yellow · Close supervision

How AI is used

Record the gross receipts and total assets in the file, the organisation's age, and whether the file says it is a private foundation or is included in a group return. Name no return as the one to file.

What the lawyer must review

You choose the return. The Internal Revenue Service chart says: gross receipts normally $50,000 or less, Form 990-N, unless the organisation is not permitted to file it; gross receipts under $200,000 and total assets under $500,000, Form 990-EZ or Form 990; gross receipts of $200,000 or more, or total assets of $500,000 or more, Form 990; a private foundation files Form 990-PF regardless of financial status. Gross receipts are the total amounts received from all sources during the annual accounting period, without subtracting costs or expenses. Gross receipts are normally $50,000 or less if the organisation has existed for one year or less and received, or donors have pledged, $75,000 or less in its first tax year; if it has existed between one and three years and averaged $60,000 or less in each of its first two tax years; or if it is at least three years old and averaged $50,000 or less for the immediately preceding three tax years, including the year for which the calculation is made. Form 990-N is due by the 15th day of the 5th month after the tax year ends, and it cannot be filed before the tax year ends. There is no late-filing penalty assessment for Form 990-N itself. An organisation that fails to file a required Form 990, 990-EZ or 990-N for three consecutive years automatically loses exemption on the filing due date of the third year. A subordinate included in a group return does not file Form 990-N. This choice is the federal information return. It is not a decision that a state law requires an audit or a review.

Written for / version

United States versionUS