990 Form

990 Form: What You Should Know

Who is a tax-exempt organization? In the United States, a nonprofit organization is a tax-exempt, religious, charitable or similar organization. Are tax-exempt organizations required to have a tax-exempt status? Yes. The Internal Revenue Code requires organizations with certain classes of tax-exempt statuses to have a “charitable” or charitable organization tax exemption on their Form 990 and on any return(s) filed with them. What types of organizations qualify for tax-exempt status? The Code recognizes 16 classes of tax-exempt organizations, each of which must have a charitable or religious tax exemption: · Tax-exempt organizations described in section 501(c)(3), including certain religious organizations · Tax-exempt organizations described in section 501(c)(4), including certain other religious organizations · Other tax-exempt organizations (including private foundations, education foundations, and public charities) · Private foundations that are not organized as private corporations · Public charities described in section 170(b)(3), including certain charitable or charitable-like organizations · State or local governments, including municipalities, and other public bodies Tax exemption is not available for: · Corporations and other economic interests, other than those of an individual or members of the private foundation organization and its officers and directors, such as shareholders and members ‒ who are paid by more than one or more individuals in their capacity as directors, officers, agents or fiduciaries of such corporation, interest or economic interest, or any other similar economic interest ‒ in a trade or business or for the purpose of buying or selling securities or commodities such as stocks and bonds · An organization that seeks only private benefits in excess of the private benefits itself derives, in whole or in part, from a private foundation or other private organization Tax Exempt Status · Organizations that are private foundations described in section 170(a) of the Code, but only if these private foundations are not organized in the United States. See the definition of “Private Foundation” in section 170(a) for more details What if organizations are not tax-exempt, and I do not know how they were organized? A United States-based nonprofit organization is usually a private foundation or public charity. If you do not know or do not know how an organization was organized, contact your local IRS office. Where to Find a Copy of the Form 990 It is a good idea to download and save a copy of your organization's Form 990.

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