Compliance Corner: Filing Form 990 for a Tax-Exempt Entity

Tax-exempt organizations, nonexempt charitable trusts, and I.R.C. Section 527 political organizations file Form 990 to provide the IRS with the information necessary to comply with I.R.C. Section 6033(e), which imposes reporting and notice requirements on certain tax-exempt organizations. Form 990 is a public document made available by filing organizations, the IRS, and others. It is the key transparency tool relied on by the public, state regulators, the media, researchers, and policymakers to obtain information about the tax-exempt sector and individual organizations.

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• Exempt Organizations: Navigating I.R.C. Section 501(c)(3)
  Discover the substance and form to successfully engage with the IRS when securing approval of an entity’s tax-exempt status. The focus of this practice note is principally on Section 501(c)(3) organizations but the note provides background on other tax-exempt organizations as well as incorporation procedures, filing requirements, and how to memorialize the organization's activities.

• Public Charities: Rules and Other Issues
  Learn more about the requirements and restrictions for public charities, which are I.R.C. Section 501(c)(3) organizations operated for religious, charitable, scientific, and other purposes outlined in the tax code. Public charities differ from private foundations in that a public charity's funding comes from the public or the federal government. 

• Private Foundations
  Reference this practice note which analyzes a private foundation’s Section 501(c)(3) status, organizing documents, the purpose clause, and IRS forms, including 1023 and 990-PF.  Private foundations differ from public charities in that a public charity’s funding comes from the public or the federal government. Private foundations, by comparison, receive funding from limited sources like a person, family, or corporation.

Practical Guidance Updates 
Featuring the latest updates from your Practical Guidance account.    

• Exempt Organizations. IRS announces it is suspending issuance of several notices generally mailed to tax-exempt or governmental entities in case of a delinquent return. Due to the historic pandemic, the IRS hasn't processed several million returns filed by individuals and entities. The suspension of notifications will help avoid confusion when a filing is still in process. IRS Exempt Organizations Update.
• Individual Tax. IRS provides adjustments to the limitation on housing expenses for purposes of R.C. Section 911for specific locations for 2023. Notice 2023-26.
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