What IRS Form 990 (2012) Is For
IRS Form 990 (2012) serves as the annual return that nonprofit organizations must file to maintain their tax-exempt status. The form reports financial details such as income, expenses, and governance practices that demonstrate compliance with federal income tax laws. Each submission promotes financial transparency because it serves as a public document accessible to donors, regulators, and the public.
The Internal Revenue Service uses this information to assess whether organizations continue to meet the standards for tax exemption. Completing the form accurately also helps protect the integrity of nonprofit organizations and encourages accountability within the sector. By filing Form 990, public charities, private foundations, and political organizations confirm their commitment to lawful operations and public trust.
Nonprofit filers seeking organized guidance for federal reporting may refer to our Nonprofit & Exempt Organization Forms, which outline required forms and instructions for exempt entity compliance.
When You’d Use IRS Form 990
Tax-exempt organizations must file IRS Form 990 each year as part of their annual information return. The form applies to every tax-exempt organization that meets the annual gross receipts or total asset thresholds during its tax year. Filing the correct version, such as Form 990, Form 990-EZ, or Form 990-N, helps each filer maintain compliance with federal regulations and preserve its standing.
Filing Timelines and Requirements
Each organization must submit its return by the 15th day of the fifth month following the close of its tax year. The filing process occurs through a secure e-file system marked with a locked padlock icon to verify protected data transmission. Organizations that meet all deadlines demonstrate financial responsibility and help boost transparency among donors, regulators, and the public.
Submitting Form 990 confirms compliance, protects tax exemption, and reinforces trust in nonprofit governance.
Key Rules or Details for 2012
The Internal Revenue Service established specific filing requirements for the 2012 tax year that every nonprofit organization must follow. Each organization must review its annual filing requirements based on total assets and annual gross receipts to determine which version of Form 990 applies. Following these rules maintains consistency and accountability across all tax-exempt organizations.
Organizations with annual gross receipts of $200,000 or more must complete the full Form 990. Smaller organizations may file Form 990-EZ as a shorter version, while those with receipts of $50,000 or less can file Form 990-N, also known as the e-Postcard. Every form must include complete and accurate data on the proper page to avoid processing delays.
Accurate reporting fulfills federal requirements, promotes transparency, and protects nonprofit status for future filings.
Step-by-Step (High Level)
The Internal Revenue Service requires nonprofit organizations to follow a clear process when completing Form 990. Each filer, including small nonprofits, must prepare accurate financial data before submission to maintain compliance with reporting standards. Following the proper sequence helps prevent errors and incomplete filings that may trigger a request for clarification.
Step 1: Gather the organization’s financial statements, payroll information, and governing documents.
Step 2: Complete identifying sections such as name, address, and federal tax identification number.
Step 3: Fill in revenue, expense, and balance sheet details.
Step 4: Include schedules as required, such as Schedule O for narrative explanations.
Step 5: Review all information carefully before submission to confirm accuracy.
Completing each step correctly ensures efficient filing and maintains nonprofit eligibility.
Common Mistakes and How to Avoid Them
Many nonprofit organizations encounter preventable errors when completing Form 990. Each organization should review its records for accuracy, verify information for the organization’s fiscal year, and check that every entry matches supporting documentation. Careful preparation prevents filing delays and confusion during the Internal Revenue Service review process.
- Confirm that all pages include the organization’s name, employer identification number, and fiscal year.
- Reconcile payroll and financial reports before submission.
- Request that board members or authorized officers sign all pages.
- Match each schedule to its corresponding section to maintain accuracy and organization.
Diligent review promotes precise reporting and consistent compliance with filing requirements.
What Happens After You File
Once a nonprofit organization files Form 990, the Internal Revenue Service adds the information to its official record system. The filing becomes part of the public database that promotes transparency and accountability in nonprofit tax filings. The organization’s submission remains accessible to the public as an example of compliance and disclosure within the sector.
Organizations that file electronically receive a confirmation notice once their return has been accepted. Each organization should record the confirmation and keep a copy of its filing and foundation annual reports for at least three years. Nonprofits that request an extension must still complete and submit all pending forms before the final deadline to avoid complications.
After completing the filing, each organization should review its record for accuracy and ensure all tax data remains consistent. Careful review protects compliance and strengthens trust in nonprofit reporting.
FAQs
What happens if a nonprofit fails to meet its filing due date?
When a nonprofit fails to submit its nonprofit tax returns by the assigned due date, the Internal Revenue Service may assess additional fees. Filing promptly through e-file systems helps prevent penalties and ensures all annual filing requirements are satisfied. Maintaining accurate annual reports also supports continued tax exemption for the organization.
Which forms are required to file annual nonprofit tax returns?
The following forms apply depending on the organization’s type and size. Standard exempt organizations must file Form 990, smaller entities may use Form 990-EZ or Form 990-N e-Postcard, and private foundations file Form 990 PF. Each return should be prepared using the correct employer identification number and reporting period.
How can an exempt organization confirm its filing status?
Every organization can verify its accepted annual return through the IRS database or Nonprofit Explorer. Both platforms allow comparisons with other nonprofits and display the filing date of each return. These public records increase accountability and provide accessible resources for transparency.
Why should a nonprofit consider hiring a tax professional?
A qualified tax professional ensures nonprofit tax returns meet federal requirements and contain accurate data. Professional assistance becomes especially useful during tax season when multiple documents require verification. Accurate preparation reduces filing risks and helps maintain consistent compliance over time.
What happens if corrections are needed after submitting a return?
If a nonprofit identifies an error after filing, it must submit an amended return. The correction process requires accurate updates to financial details and organization data, including calendar year information. Prompt submission helps maintain integrity and transparency in the organization’s records.
Nonprofit organizations seeking related IRS forms, schedules, and prior-year exempt-organization resources may refer to our Federal Fillable Tax Forms directory for additional federal filing guidance.
