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Video instructions and help with filling out and completing Are 990 Schedule Required

Instructions and Help about Are 990 Schedule Required

Hey, I'm Chuck Tremble. I am one of the CPAs around here and I handle all the nonprofit reporting for entities that are non-churches. You've probably heard of the concept of being a 501c3 organization, which means a nonprofit organization. When it comes to the IRS, this is a code that you need to apply for. It doesn't matter if you're a church or a non-church entity, you still need to go through this process. Recently, one of my clients called in and said that their new church got approved with the IRS and they are now a 501c3. However, their treasurer mentioned that they need to file a Form 990 for the 501c3. Form 990 is a tax return specifically for non-profit organizations. What they didn't know is that churches are not required to file tax returns due to the First Amendment and the separation of church and state. Filing a Form 990 is not an option for churches, and you could face penalties if you try to file one. However, for all other non-church entities that are 501c3 organizations, you are required to file a tax return no matter the size of your revenue. If you have $50,000 or more of revenue per year, you have to file a full Form 990, which is a several page document. I handle these kinds of returns all year. If your revenue is less than $50,000, you will need to file a postcard return or Form 990-EZ. If this is something that might be an issue for you, please don't hesitate to give me a call. I can help guide you through the process and ensure that you stay compliant. Thank you.