IRS Form 990 is a tax form for informational purposes that most tax-exempt organizations must file annually. Generally, the form gives the IRS a breakdown of the organization's activities, governance, and detailed financial information. Form 990 also includes a section that allows organizations to provide a narrative explaining their accomplishments in the previous year to convince the IRS that its tax-exempt status should be maintained. The IRS collects this information to ensure that organizations continue to qualify for tax exemptions after the tax-exempt status has been granted. This article lays out who needs to submit IRS Form 990, the requirements of IRS Form 990, and how to maintain compliance.
Non-profit organizations are crucial entities in every community. Non-profits often provide stability, resources, and services to many communities in need that local governments cannot, or will not, provide. The most common non-profit organizations are: • Religious organizations, making up 16.7% of all non-profit entities; • Schools and other educational institutions, making up 13.8% of all non-profit entities; and • Foundations and grantmaking organizations, making up 9.2% of all non-profit entities. When starting a non-profit, there are many things you need to consider to operate successfully and achieve your non-profit’s goals. This article dives into 10 of the most important considerations you should keep in mind when starting a non-profit company. If you have any questions about starting your non-profit, contact us today so that we can answer any of your questions.