990 Ez Schedule A
Introduction
As a nonprofit organization, filing a tax return is mandatory. One of the most commonly used forms is the 990 Ez Schedule A. In this article, we will explore what 990 Ez Schedule A is, its importance, and how to file it correctly.
Personal Experience
As the financial director of a nonprofit organization, I have experienced firsthand the importance of filing a tax return accurately and on time. Failure to do so can result in penalties, which can be detrimental to the organization’s financial stability.
What is 990 Ez Schedule A?
990 Ez Schedule A is an attachment to Form 990 Ez, which is used by tax-exempt organizations to report their financial information. This attachment is specific to public charities and other organizations that are exempt from tax under section 501(c)(3) of the Internal Revenue Code.
Importance of Filing 990 Ez Schedule A
Filing 990 Ez Schedule A is essential for several reasons. Firstly, it helps to maintain the organization’s tax-exempt status. Secondly, it provides transparency to the public and donors about the organization’s finances. Lastly, failure to file or filing incorrectly can result in penalties or even revocation of tax-exempt status.
List of Events or Competitions of 990 Ez Schedule A
- Deadline for filing 990 Ez Schedule A is the 15th day of the 5th month after the end of the organization’s fiscal year.
- Penalties for not filing or filing late can range from $20 per day to $10,000 or more.
- 990 Ez Schedule A requires disclosure of the organization’s public support, fundraising activities, and compensation of top executives.
Detail Schedule Guide for 990 Ez Schedule A
The 990 Ez Schedule A is divided into several sections. The first section requires the organization to disclose its public support, which includes contributions from individuals, corporations, and other organizations. The second section requires the organization to report its fundraising activities, such as events, sales, and campaigns. The third section requires disclosure of compensation paid to top executives, including officers, directors, and key employees.
Schedule Table for 990 Ez Schedule A
| Section | Description |
|---|---|
| Part I | Public Support |
| Part II | Fundraising Activities |
| Part III | Compensation of Officers, Directors, and Key Employees |
Question and Answer
Q: Who is required to file 990 Ez Schedule A?
A: Public charities and other tax-exempt organizations that are exempt under section 501(c)(3) of the Internal Revenue Code.
Q: What is the deadline for filing 990 Ez Schedule A?
A: The deadline is the 15th day of the 5th month after the end of the organization’s fiscal year.
Q: What happens if an organization fails to file or files late?
A: Penalties can range from $20 per day to $10,000 or more.
Q: What information is required on 990 Ez Schedule A?
A: The form requires disclosure of public support, fundraising activities, and compensation of top executives.
FAQs
Q: Can an organization file 990 Ez Schedule A electronically?
A: Yes, the form can be filed electronically using the IRS’s e-file system.
Q: What is the difference between 990 and 990 Ez Schedule A?
A: 990 is a more detailed form that is used by larger tax-exempt organizations, while 990 Ez Schedule A is an attachment to Form 990 Ez and is used by smaller organizations.
Q: Can an organization file 990 Ez Schedule A if it has not yet received tax-exempt status?
A: No, an organization must first receive tax-exempt status before filing 990 Ez Schedule A.
