Business & Finance Taxes

How to File a Tax-Exempt Tax Return

By Business & Finance Last updated Wednesday, April/24/2024

1). Complete Form 990-EZ Part I. This part focuses on the tax-exempt organization's revenue, expenses and changes in net assets.
2). Fill out Part II. Part II is a shortened balance sheet. This is for assets and liabilities.
3). Move on to Part III. This section lists the accomplishments of the organization. The accomplishments must be related to the organization's tax-exempt purpose.
4). Fill out Part IV. This part is a list of officers, directors, trustees and key employees. The form requires their addresses, titles, hours worked, compensation, contributions to benefit plans and if they had expense accounts.
5). Complete Part V. Part V focuses on general information regarding the tax-exempt entity. This information includes whether there were any changes in the organization, who is the organization's accountant and political contributions by the organization.
6). Fill out Part VI only if the organization is under Section 501(c)3 as an organization or a Section 4947(a)1 nonexempt charitable trust.

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