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In business for one year. How do i file taxes for a ...

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In business for one year...
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
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2/1/2008
Tax Professional: Mark D, Enrolled Agent replied 9 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
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Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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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

Mark D
Mark D, Enrolled Agent
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Customer reply 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
Tax Professional: Mark D, Enrolled Agent 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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