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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1304
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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In business for one year. How do i file taxes for a ...

Customer Question

In business for one year. How do i file taxes for a nonprofit. I think i know the answer but want to verify, use a 990? and not file a regular business tax form. please explain
Submitted: 9 years ago.
Category: Tax
Expert:  Mark D replied 9 years ago.
Customer

Assuming you are not a church, you would file Form 990-EC if you had $100,000 or less in receipts and $250,000 or less in assets. For amounts above that your would file Form 990. If your organization had $1,000 or more gross income from an unrelated business your would file Form 990-T.

Also, if you had less than $25,000 in receipts, you generally would not have a filing requirement.

Regards,

Mark D

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Customer: replied 9 years ago.
Reply to Mark D's Post: we are a small nonprofit that offer scholarships to first time college students. What if we had zero reciepts for the first year but just expenses
Expert:  Mark D replied 9 years ago.
Customer

Sounds like you would not have a filing requirement for last year then since the receipts are less than $25,000. Also, the form stated above should say 990-EZ and not 990-EC.Thank you!

Regards,

Mark D

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