What IRS Form 990 (2015) Is For   

IRS Form 990 (2015) serves as the federal income tax return for tax-exempt organizations under section 501(c). It reports income, deductions, and credits for the tax year, ensuring that each organization provides complete financial transparency. The form allows the IRS and the public to review how funds are managed, reported, and applied toward charitable or operational goals.

This filing supports compliance with federal reporting requirements while protecting the organization’s exempt status. Nonprofits that file accurate returns help demonstrate accountability and maintain eligibility for grants and donations. Each submission confirms adherence to IRS standards and responsible financial documentation.

When You’d Use IRS Form 990 (2015)

Nonprofits use IRS Form 990 (2015) when reporting prior-year income or correcting an original return. Filing supports compliance with federal income tax requirements and helps preserve eligibility for tax-exempt status.

Late Filing Situations

Organizations use this filing to respond to IRS notices from the agency. It also helps clarify income documentation and maintain accurate reporting records.   

Amended Return

An amended return corrects mistakes or adds information missing from the original tax return. It may also include an additional tax payment if previous figures were inaccurate.

Compliance Requirements

Organizations use this filing to respond to IRS notices or requests for clarification on income documentation. It ensures the organization maintains an accurate and current reporting record.

Grant and State Filings

This filing is often required for audits, grant applications, or state tax submissions. It also verifies the accuracy of financial reporting and supports accountability.

Key Rules or Details for 2015

Organizations filing IRS Form 990 for 2015 must follow the specific federal reporting standards set for that tax year. Each rule ensures proper income documentation, deduction accuracy, and compliance with the IRS’s electronic filing and disclosure policies.

• Filing Thresholds: Nonprofits with $200,000 or more in receipts or $500,000 or more in assets are required to file the complete form.
  
  
• Late Filing Penalties: Smaller organizations may be charged $20 per day, while larger ones may face penalties of up to $100 per day.
  
  
• Mandatory Schedules: Organizations must include Schedule C and Schedule O to report political activities and provide narrative explanations.
  
  
• Correct Form Version: Organizations should always use the 2015 form rather than newer versions to ensure accurate reporting.

Step-by-Step Filing Process

Filing IRS Form 990 for 2015 requires a systematic approach and accurate documentation to ensure compliance with federal income tax reporting requirements. Each step supports proper data reporting and helps prevent late filing issues or rejected submissions.

1. Gather Documentation: Collect financial statements, board member details, and compensation records for the 2015 tax year.
   
   
2. Download Forms: Access the correct 2015 version of IRS Form 990 and related schedules from the IRS website.
   
   
3. Complete the Return: Fill out all three columns carefully and review every section for accurate income, deductions, and expense details.
   
   
4. Attach Required Schedules: Organizations must include Schedule C for political activity and Schedule O to provide narrative explanations.
   
   
5. Submit the Return: The organization should electronically file or mail the completed form before the due date to meet filing requirements.

Common Mistakes and How to Avoid Them

Completing IRS Form 990 for 2015 demands precision and accurate recordkeeping to ensure full compliance. Nonprofits often make preventable errors that result in processing delays or correspondence with the IRS. Reviewing every section before submission supports accuracy and helps preserve the organization’s exempt status.

• Many organizations use the wrong form year, which leads to rejected filings. To avoid this mistake, always confirm you are filing the 2015 version before submission.
  
  
• Some organizations fail to include required schedules, such as Schedule C and Schedule O, when reporting financial or narrative details. They can prevent this issue by reviewing all schedule requirements listed in the IRS Form 990 2015 instructions.
  
  
• Several returns contain incorrect totals because income, deductions, and expenses are not reconciled with accounting records. Nonprofits should cross-check figures against audited statements before filing to ensure accuracy.
  
  
• Numerous filers forget to sign and date their forms, rendering the submission invalid. They can avoid this error by verifying that all authorized signers complete their sections before mailing or e-filing.
  
  
• Others miss the official deadline, which can result in additional fees and interest on unpaid balances. To prevent this, organizations should track their filing due dates and submit their federal income tax return early.                 

What Happens After You File IRS Form 990 (2015)

Once an organization submits its IRS Form 990 for 2015, the IRS reviews the return for accuracy and ensures the required attachments are included. The review process involves verifying signatures, ensuring schedules are complete, and verifying that reported income and deductions match the supporting documents. Any inconsistencies may result in a written notice requesting clarification or an explanation for the adjustment.

If additional tax is due, the IRS will issue a notice outlining the amount and payment process. When approved, the form becomes part of the public record, confirming transparency and maintaining the organization’s eligibility for tax-exempt status.

Frequently Asked Questions About IRS Form 990 (2015)

Who must file IRS Form 990 for 2015?

Organizations with $200,000 or more in income or $500,000 or more in assets must file this federal income tax return. The form reports financial details, deductions, and credits for the 2015 tax year, ensuring compliance with IRS limits and filing requirements.

Can a nonprofit submit an amended return?

Yes, an organization can file an amended tax return to correct reporting errors or update information missing from the original filing. The amendment must include a full explanation and updated schedules, including Schedule C if required.

What happens after the due date passes?

If a nonprofit misses the original filing deadline, it should file as soon as possible to minimize penalties and interest. Late filing may result in daily fees or the loss of exempt status until the IRS accepts the return.

How can I make an additional tax payment?

Taxpayers may submit an additional tax payment electronically or through paper filing. Payments can be made with the amended return, using the IRS website or through an approved e-file service.

Are state filings required with IRS Form 990 for the 2015 tax year?

Some states require a copy of the filed IRS form as part of the state tax return process. Nonprofits should verify specific requirements in their state before submission to ensure compliance and timely acceptance.