As a public charity under 501(c)(3), maintaining your tax-exempt status requires filing an annual information return with the IRS. The specific form you need to file—Form 990, Form 990EZ, or Form 990N—depends on your nonprofit’s size, financial activity, and other factors. This article will clarify the differences between these forms, outline filing requirements, and explain why timely submissions are crucial for your organization.
What is Form 990?
Form 990 is the full version of the IRS information return and is required for larger nonprofits with gross receipts of $200,000 or more or total assets of $500,000 or more. This comprehensive form provides detailed information about your nonprofit's finances, governance, programs, and mission.
Key Features of Form 990:
Who Must File: Nonprofits with gross receipts of $200,000 or more or total assets exceeding $500,000.
Length: Extensive, covering executive compensation, governance policies, and financial statements.
Importance: Form 990 serves as a public document that donors, watchdog groups, and the public use to assess your organization’s financial health and transparency.
When to File: Annually, by the 15th day of the 5th month after the end of your fiscal year. For most organizations, this is May 15.
What is Form 990EZ?
Form 990EZ is a shorter version of the full Form 990, tailored for medium-sized nonprofits with gross receipts between $50,000 and $200,000 and total assets under $500,000. Although it’s less complex than the full form, it still requires nonprofits to provide significant financial and programmatic details.
Key Features of Form 990EZ:
Who Must File: Nonprofits with gross receipts between $50,000 and $200,000 and total assets less than $500,000.
Length: Shorter than Form 990 but requires detailed information on revenue, expenses, and programs.
Importance: Similar to Form 990, Form 990EZ is a public document that provides key information to donors and stakeholders.
When to File: Also due annually by the 15th day of the 5th month after your fiscal year ends, typically May 15.
What is Form 990N (e-Postcard)?
Form 990N, or the e-Postcard, is the simplest and quickest filing option, designed for smaller nonprofits with gross receipts of $50,000 or less. This electronic-only form requires minimal information and can be completed in minutes.
Key Features of Form 990N:
Who Must File: Nonprofits with gross receipts under $50,000.
Length: Basic information required, such as your nonprofit’s legal name, address, and confirmation that gross receipts were below $50,000.
Importance: Even if your nonprofit is small, failing to file Form 990N for three consecutive years will result in automatic revocation of your tax-exempt status.
When to File: Due annually by the 15th day of the 5th month after your fiscal year ends, which is usually May 15.
Choosing the Right Form: Key Differences
Form | Gross Receipts | Total Assets | Filing Complexity |
Form 990 | $200,000 or more | $500,000 or more | Detailed, comprehensive |
Form 990EZ | Between $50,000 and $200,000 | Less than $500,000 | Moderate complexity |
Form 990N | Less than $50,000 | No asset limit | Simplest, basic info |
Filing Requirements Regardless of Revenue
It’s important to note that if your organization has approved 501(c)(3) status, you must file a 990 even if you had $0 in revenue. For example, if your organization was incorporated in 2024, your first Form 990 will be due in 2025, regardless of your income during that year.
Stay Compliant with Instant Nonprofit’s AutoPilot Package
Keeping up with IRS requirements can be overwhelming, especially when you’re focused on running and growing your nonprofit. That’s why Instant Nonprofit offers the AutoPilot Package—a comprehensive service designed to handle your ongoing compliance needs.
With the AutoPilot Package, you’ll never miss a filing deadline again. We provide support for:
Filing your annual Form 990, 990EZ, or 990N.
Ensuring your nonprofit stays in good standing with the IRS.
Guidance on compliance, maintenance, and best practices.
Learn more about how our AutoPilot Package can simplify your nonprofit’s filing process and give you peace of mind, knowing that your compliance is under control.
Conclusion
Filing the correct version of Form 990 is essential for maintaining your 501(c)(3) status and avoiding penalties or loss of tax-exempt status. Whether you need to file Form 990, 990EZ, or 990N, staying on top of these annual requirements is crucial for your nonprofit’s long-term success. For peace of mind and expert guidance, consider Instant Nonprofit’s AutoPilot Package to handle your nonprofit’s compliance needs year-round.