With all the many 990 forms the IRS produces, it’s important that your nonprofit chooses the correct one. Here is a brief overview of each form.
Filed by organizations that have gross receipts greater than or equal to $200,000 or that have assets greater than or equal to $500,000 at the end of the tax year. This threshold applies to organizations exempt under IRS code section 501(c)(3) and other 501(c) organizations.
Filed for organizations that have gross receipts of less than $200,000 and total assets of less than $500,000 during the tax year.
An exempt organization with gross receipts of $50,000 or less should use this form. The Form 990N is an electronic postcard that requires very limited information and can be accessed through the IRS website. This form cannot be used by several types of exempt organizations, such as supporting organizations under IRS code section 509(a)(3), so it will be important to verify that your organization qualifies for filing the form 990N.
Used if your organization is exempt under IRS code section 501(c)(3) and is considered a private foundation. There are no filing thresholds for this form; all private foundations must file it annually.
Must be filed if the organization received $1,000 or more in unrelated business gross income. A state filing may be due if the organization has a 990-T filing requirement.
It is important to note that all organizations with a Form 990 series filing requirement that do not file a return for three consecutive years are now subject to automatic revocation of exempt status.