What is IRS Form 990-EZ?- Updated April 21, 2023 - 8.00 AM - Admin, ExpressTaxExempt
Form 990-EZ (Short Form Return of Organization Exempt From Income Tax) is an annual information return filed by certain tax-exempt organizations, nonexempt charitable trusts, and political organizations to report their revenue, expenses, assets, liabilities, activities, board members and their compensation details to the IRS.
The following are the topics that are covered to provide clear information about the Form 990-EZ, the deadline, and other related information.
1. Who must file Form 990-EZ?
The following organizations with gross receipts less than $200,000 and total assets less than $500,000 must file a Form 990-EZ return.
- The organizations that are exempt from income tax under section 501(a)
- Section 4947(a)(1) nonexempt charitable trusts (if they aren’t treated as private foundations)
- Section 527 political organizations
2. When is the deadline to file 990-EZ?
- The organizations must file the 990-EZ by the 15th day of the 5th month after the end of their tax year.
- If your organization operates under a Calendar Tax Year (which means the tax year ends on December 31), you must file IRS Form 990-EZ on or before
May 15, 2023.
Operating on Fiscal Tax Year?
If you are having any difficulty finding out the due date for your organization to file Form 990-EZ, try our 990 due date calculator.
3. Breakdown of Form 990-EZ
The following are the sections in Form 990-EZ that the organizations should fill out:
- Part I - Revenue, Expenses, and Changes in Net Assets or Fund Balances
- Part II - Balance Sheets
- Part III - Statement of Program Service Accomplishments
- Part IV - List of Officers, Directors, Trustees, and Key Employees
- Part V - Other Information
- Part VI - Section 501(c)(3) Organizations Only
4. Additional requirements for Form 990-EZ
The organizations that file 990-EZ form may have to provide additional information through various Schedules.
There are 8 Schedules available for Form 990-EZ that may need to be attached by the organizations based on their purpose and activities.
- Schedule A - Public Charity Status and Public Support
- Schedule B - Schedule of Contributors
- Schedule C - Political Campaign and Lobbying Activities
- Schedule E - Schools
- Schedule G - Supplemental Information
- Schedule L - Transactions with Interested Persons
- Schedule N - Liquidation, Termination, Dissolution, or Significant Disposition of Assets
- Schedule O - Supplemental Information to Form 990
Looking for Help to Complete Your Form 990-EZ?
Check out our step-by-step instructions guide that elaborates on the filing requirements of Form 990-EZ.
5. What is the penalty for late filing Form 990-EZ?
The organizations must be subjected to penalties if they haven’t provided a valid reason for late filing.
- The penalty would be $20 / day, not to exceed the lesser of $10,500 or 5% of the gross receipts of the organization for the year.
The organizations with annual gross receipts exceeding $1,067,000 are subject to a penalty of $105 / day with a maximum penalty of
$54,500 / return.
- The penalty applies on each day after the due date that the return isn't filed.
6. Is there an extension for Form 990-EZ?
By filing Form 8868, the organization can get an automatic 6-Month
Note: The IRS requires no explanation to file tax extension Form 8868.
Need an extension to file your Form 990-EZ?
ExpressTaxExempt is here for you! Apart from the 990 forms, we also support the e-filing of Form 8868. You can apply for an extension in just a few minutes, courtesy of our beneficial features.
7. How to File Form 990-EZ?
To make your filing process trouble-free, all you need is a dependable e-file provider. You don’t have to spend more time finding such a provider. Because as we said earlier, ExpressTaxExempt is already here for you!
How ExpressTaxExempt Streamlines your Form 990-EZ filing?
Two Different Filing Methods
We offer Form-Based filing and Interview-Style filing methods, and you can choose the one at your convenience.
Based on the information you provide on your Form 990-EZ, our system automatically generates the required Schedules for Free.
Bulk Upload Feature
You can upload your contribution details in bulk with our system, saving a lot of your time.
Internal Audit Check
To make sure that your returns are error-free, we have an internal audit check that identifies and displays the errors before transmission.
Dedicated Customer Service
If you have any queries during or after filing, you can reach out to our
support team via email, phone, and live chat.