IRS Form 990 -- FAQ
By WORLDLawDirect [September 11th, 2009]
FAQ
1. What is IRS Form 990?
Form 990 is an annual reporting return that certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization's mission, programs, and finances.
2. What should you do if a § 501(c) organization will not let you see its Form 990 returns?
Write to the IRS Customer Service. Provide the name and address of the organization that refuses to allow public inspection or provide copies of its return, and request that the return be made available for public inspection. The Tax Exempt/Governmental Entities Division of the IRS will contact the organization and arrange a time during which the return may be inspected. If the organization fails to provide the return at the agreed upon time, statutory penalties will start to be assessed.
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How do I form a “501(c)(3)” corporation in Texas?
[June 21st 2009]
Filing a Certificate of Formation with the Secretary of State creates a nonprofit corporation. Designations such as 501(c)(3) relate to federal tax provisions only. If you need information regarding those provisions or how they might affect a Certificate of Formation, you should contact your own tax counsel or the Internal Revenue Service. The Secretary of State’s Form 202 meets minimum state law requirements but does not include any additional statements that the IRS might require for tax-exempt status.
Who has authority to investigate the activities of a nonprofit corporation?
[June 21st 2009]
The Attorney General has statutory authority to (1) investigate charities that operate as nonprofit corporations, and (2) inspect the books and records of all corporations, including nonprofit corporations. The Secretary of State has no such authority.
The IRS can revoke a nonprofit corporation’s tax exemption for violations of federal tax laws.
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