What IRS Form 990-EZ (2024) Is For

Form 990-EZ is the short form annual information return that certain tax-exempt organizations must file with the IRS. It provides financial, operational, and compliance information.

Organizations may file Form 990-EZ instead of the full Form 990 if, at the end of the 2024 tax year, they have:

• Gross receipts under $200,000, and
  
  
• Total assets under $500,000.
  
  

This shorter version is designed for smaller nonprofits, charitable trusts, and certain political organizations, though some entities (such as hospitals, donor advised fund sponsors, and 501(c)(29) health insurance issuers) must file the full Form 990 regardless of size (IRS Instructions for Form 990-EZ, 2024).

When You’d Use Form 990-EZ for 2024 (Late or Amended Filing)

You would file a late 2024 Form 990-EZ if you missed the original May 15, 2025 deadline (for calendar-year filers) and received IRS notices or penalty assessments. Late filings are also critical if you risk automatic revocation of tax-exempt status for failing to file three consecutive years.

You would file an amended return if your original filing contained errors, such as misreported contributions, missing schedules, or incorrect governance disclosures. Amended returns require:

• Checking the “Amended return” box, and
  
  
• Explaining changes in Schedule O.
  
  

Key Rules Specific to 2024

• Mandatory electronic filing: All 2024 Form 990-EZ returns must be filed electronically. Paper filings are treated as not filed.
  
  
• Penalty thresholds:
  
  
  
  • Organizations with gross receipts ≤ $1,274,000: $25/day penalty up to $12,500 or 5% of gross receipts.
    
    
  • Larger organizations: higher daily penalties and maximum amounts apply.
    
    
• Eligibility thresholds: Unchanged from prior years—gross receipts < $200,000 and assets < $500,000.
  
  
• Deadline: 15th day of the 5th month after the organization’s year-end (May 15, 2025 for calendar-year filers). Extensions available using Form 8868.
  
  

Step-by-Step (High Level)

1. Gather records: Collect 2024 financial statements, prior filings, and any IRS transcripts (Form 4506-A).
   
   
2. Use the correct form year: Complete the official 2024 Form 990-EZ, not a current-year version.
   
   
3. Complete required parts: Parts I–V for all organizations; Part VI if you are a 501(c)(3).
   
   
4. Attach schedules: Common schedules include:
   
   
   
   • Schedule A (for 501(c)(3) organizations),
     
     
   • Schedule B (contributors), and
     
     
   • Schedule O (mandatory for explanations).
     
     
5. File electronically: Submit through IRS-approved e-file providers.
   
   
6. Keep copies: Retain filed returns and supporting records for at least three years for public inspection.
   
   

Common Mistakes and How to Avoid Them

• Filing paper returns: Paper submissions for 2024 are invalid—use only e-file.
  
  
• Using wrong form year: Always use the 2024 version for 2024 activity, even if filing late in 2025 or beyond.
  
  
• Leaving blanks: Enter “0” or “N/A” instead of leaving required fields blank.
  
  
• Netting contributions/expenses: Report contributions and expenses separately.
  
  
• Missing required schedules: Carefully review Part V to determine which schedules must be filed.
  
  
• Unsigned returns: Ensure an authorized officer signs electronically—unsigned filings are incomplete.
  
  

What Happens After You File

• Processing time: Electronic returns are usually processed within 4–6 weeks.
  
  
• IRS notices: You may receive correction letters or penalty notices if the return is incomplete.
  
  
• Penalties: Late filing triggers daily penalties; failure to file three consecutive years leads to automatic revocation of exempt status.
  
  
• Relief options:
  
  
  
  • Installment agreements using Form 9465 if penalties cannot be paid in full.
    
    
  • Penalty abatement for reasonable cause, such as disasters, illness, or circumstances beyond your control.
    
    
• Appeals: You have the right to appeal IRS determinations or penalty assessments.
  
  

FAQs

Q: What are the late filing penalties for 2024 Form 990-EZ?
A: $25/day up to $12,500 (or 5% of gross receipts) for smaller organizations. Larger organizations face higher penalties.

Q: Can I file on paper for 2024?
A: No. All 2024 Form 990-EZ returns must be filed electronically. Paper submissions will be rejected.

Q: How do I get transcripts of prior filings?
A: Use Form 4506-A or the IRS Tax Exempt Organization Search tool for filings from 2017 onward.

Q: What if I discover errors after filing?
A: File a complete amended return, check the “Amended return” box, and explain all changes in Schedule O.

Q: Do I need to amend state returns too?
A: Many states require amended filings when you amend your federal return. Check with your state’s regulator.

Q: Can penalties be waived?
A: Yes, if you can demonstrate reasonable cause in a written, signed statement.

Q: When is the 2024 Form 990-EZ due?
A: May 15, 2025 for calendar-year filers, or the 15th day of the 5th month after fiscal year-end. Extensions are available with Form 8868.

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