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VA online Form 990 (Schedule I): What You Should Know

FINAL NOTICE: The IRS today announced that the IRS Office of Tax Analysis has discontinued the processing for Forms 990 and 990, along with the instructions, for the fiscal year ending September 30, 2020. In December 2018, the IRS notified our partners in the private nonprofit tax community that it had determined that they were not eligible for processing the 2023 Forms 990 or 990-T which were previously sent to tax preparers. All tax preparers with pending Form 990 and 990-T will receive a notice from the ITC stating that their work is eligible for processing at no additional cost. It is important to us to inform you that any tax return that was prepared on or after December 12, 2017, will be processed and posted online by the ITC in 2018. If you haven't received a notification or notice that your forms are eligible for processing, you should contact your provider to have your forms processed quickly. If you are an organization that has no preparer, you should contact your provider to have your forms processed. If you were provided the option of sending an electronic Form 990 or Form 990-T, you should use it in all future tax returns. The IRS recognizes the important work of preparers, and we hope this notice helps you expedite processing of your filings. You can read more about the new processing requirements here. Tax Exemption for Education Fund Projects Dec 7, 2023 — Tax Exemption for Education Fund Projects. Nonprofit organizations may qualify for a tax exemption on up to 25% of all net revenue received for education projects carried on by the organization. For guidance on what counts as an education project, please refer to Appendix 2 of Publication 923. The Tax-Exempt Status of Certain Nonprofit Organizations Jun 9, 2023 — Form 990. The IRS will review returns for Form 990-T and Form 990-EZ annually at IRS.gov. The status determination for all Form 990-T and Form 990-EZ will be a “final,” meaning that the organization has fully complied with the tax law. Nonprofit organizations are generally exempt from federal income taxation as provided for in 26 U.S.C. chapter 13 and 26 U.S.C. chapter 501(c)(3). Because organizations are usually non-profit and not a for-profit business or corporation, they generally do not pay tax on gross receipts. See Tax Exempt Status of Certain Nonprofit Organizations.

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