What is Form 990-EZ?
- Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, is a shortened version of the 990 form that can be filed by tax-exempt organizations and certain other organizations to report their annual information to the IRS.
- The IRS uses the information reported by the organizations on Form 990-EZ to make sure that the organization isn’t abusing its tax-exempt status.
Who Must File Form 990-EZ?
Form 990-EZ must be filed by the following organizations if their gross receipts are less than $200,000 (and) assets less than $500,000.
- Organizations that are exempt from income tax under section 501(a)
- Section 4947(a)(1) nonexempt charitable trusts
- Section 527 Political organizations
When is the deadline to file Form 990-EZ?
- The deadline to file Form 990-EZ is the 15th day of the 5th month after the organization’s accounting period ends.
- For organizations following the calendar tax year, the deadline to file Form 990-EZ is May 15th.
- Following a fiscal tax year? Find out your organization's 990-EZ deadline
Late filing Penalties for Form 990-EZ
- Filing Form 990-EZ on time is something that tax-exempt organizations must ensure. Otherwise, they will be subjected to penalties from the IRS.
- This penalty amount will not be the same for every organization. It may vary based on the organization’s gross receipts for the corresponding tax year.
| Small Organizations Gross receipts < $1,129,000 | Large Organizations Gross receipts > $1,129,000 |
|---|---|
| The penalty amount is $20 per each delayed day with a maximum penalty of $11,000 or 5% of gross receipts. | The penalty amount is $110 per each delayed day, with a maximum penalty of $56,000 or 5% of gross receipts. |
Learn More about penalties.
Automatic Revocation
- Apart from the penalties, if an organization fails to file Form 990-EZ for three consecutive years, its tax-exempt status may get revoked by the IRS. And as a result, they will be subjected to federal income taxes.
Extension for Filing Form 990-EZ
- Sometimes the organizations may need more time to file their Form 990-EZ. If that’s the case, they can simply file Form 8868 and get an extension of up to 6 months.
- Also, this extension is automatic. This means the IRS doesn’t require the organization to provide an explanation why they need more time to file Form 990-EZ Online.
Tax990 Makes Your Form 990-EZ E-filing Easy and Secure!
As an IRS-authorized e-file provider, Tax990 offers a comprehensive e-filing solution for exempt organizations and tax professionals to e-file Form 990-EZ with complete ease.
- Supports all the variants of 990 forms (Form 990, 990–N, 990-EZ, 990-PF and 990-T)
- Direct Form Entry and Interview style filing options
- Allows Retransmission of rejected returns for free
- Live customer support via chat, phone, and email
