Form 990 Filing Requirements
December 2, 2009
Payne, Nickles & Company
Form 990 filing requirements for the 2009 tax year are changing as part of the three year phase-in of the new form.
For calendar or fiscal years beginning in 2009, Form 990 must be filed by most tax-exempt organizations with gross receipts of $500,000 or more or total assets of $1,250,000 or more. Form 990-EZ can be used in place of Form 990 if gross receipts are less than $500,000 and total assets are less than $1,250,000. Gross receipts are the total amount received by the organization during its tax year before any expenses are deducted. Total assets are the amount reported by the organization on its balance sheet at the end of the tax year.
The 2009 Form 990-N (e-postcard) filing requirement for most tax-exempt organizations remains at $25,000 or less in gross receipts. For organizations in existence more than three years, the 990-N gross receipts filing requirement is a three year average (meaning the average of the gross receipts in the current filing year plus the prior two years). For an organization in existence between one and three years, the filing requirement is met if the two year average of gross receipts is $30,000 or less. For an organization in existence one year or less, the filing requirement is met if the receipts received or pledged total $37,500 or less during the organization’s first tax year.
If you have any questions about how these new rules apply to your situation, please contact us at cpas@pncpa.biz.
Treasury Circular 230 Disclosure -
Unless expressly stated otherwise, any federal tax advice contained in this communication is not intended or written to be used, and cannot be used or relied upon, for the purpose of avoiding penalties under the Internal Revenue Code, or for promoting, marketing or recommending any transaction or matter addressed herein.