IRS Form 990 Filing Requirements for Veterans of Foreign Wars- Updated May 12, 2020 - 8.00 AM - Admin, ExpressTaxExempt
IRS recognizes the Veterans of Foreign Wars under the section 501(c)(3) as tax-exempt. This type of Organization does not pay income tax on its earnings or on the donations it receives. But the Organizations need to file the activities of the Organization with the IRS.
This article further explores the requirements for activities of the Veterans of Foreign Wars, applying for a tax-exempt status, filing requirements, and more.
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Table of Content
1. What are veterans of foreign wars?
The Veterans of Foreign Wars is a nonprofit organization for the benefits of the war veterans of the United States. At least 75% of the members of this organization must be past or present members of the United States Armed Forces and 90% of the remaining 25% of members must be cadets or spouses, widows, or widowers of the members of the United States Armed Forces. The remaining 2.5% can consist of people who aren’t mentioned above.
These organizations are exempted from taxes under section 501(c)(19). Apart from being exempted from taxes, these organizations are offered deductibility of contributions and can also set aside amounts to provide insurance benefits to its members. In addition to that, these organizations are allowed to participate in political and lobbying activities.
2. Examples of Veterans of Foreign Wars
Any organization that mainly consists of members of the U.S. Armed Forces and operates for the welfare and benefit of these members are considered as Veterans of Foreign Wars organizations. Veterans of Foreign Wars of the United States is one of the organizations which operates for these purposes.
3. Unique Non-Profit activities
The Veterans of Foreign Wars organizations are described under section 501(c)(19) of the IRS as tax-exempt organizations. The primary purpose of this organization should be exempt. The organization must conduct programs for religious, charitable, scientific, literary, or educational purposes and must also promote the social welfare of a community. The organization is also supposed to operate and sponsor for patriotic activities.
These organizations must consist mostly of the members of the U.S. armed forces and their families. The organizations need to provide help for the disabled war veterans by providing medical care for these members and also performing social and recreational activities. These organizations are also supposed to take care of the widows and orphans of the deceased war veterans. These members should be provided with insurance from the contributions made to the organization.
4. Form 990 requirements for Veterans of Foreign Wars
Veterans of Foreign Wars is a section 501(c)(19) organization and needs to file the Form 990 series to keep its tax exempt status.
The filing of Form 990 depends upon the gross receipts of the organizations:
Organizations that have gross receipts of $50,000 or less can file a Form 990-N (e-Postcard) if they choose not to file Form 990 or Form 990-EZ. Organizations whose gross receipts vary from year to year can file a Form 990-N if the average of their gross receipts is $50,000 or less for the previous three consecutive years.
Organizations whose gross receipts are less than $200,000 and total assets less than $500,000 at the end of the taxable year are supposed to file Form 990-EZ.
Organizations whose gross receipts are equal to or higher than $200,000 and total assets equal to or greater than $500,000 at the end of the taxable year are supposed to file Form 990.
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