IRS Form 990 is an annual financial return required of tax-exempt organizations with more than $25,000 in total receipts for the year. It is used by the IRS to verify that the organization is engaged primarily in tax-exempt activities. Should your local perform significant business activities not related to the organization’s tax-exempt purpose, you may be required to prepare payment by filing Form 990-T – Exempt Organization Business Income Tax Return.
Form 990 is due four and one-half months following the close of the organization’s fiscal (accounting year) with significant penalties for failure to file or late filing. Organizations with total receipts from $25,000 to $99,999 and total assets less than $250,00 at end of year, can file the abbreviated return, Form 990-EZ. Organizations with total receipts of $100,000 or more must complete Form 990.