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990 PF: Laying the Groundwork for Foundation Reporting

The IRS Form 990 PF – Reporting for Private Foundations

In this next post of PDFfiller‘s tax form review, we look at Form 990 PF and the reporting requirements for foundations.  Foundations are the legal categorization of nonprofit organizations that typically either donate funds and support to other organizations, or provide the source of funding for their own charitable purposes.

What is form IRS 990 PF?

Form 990-PF is an information report that must be filed by organizations exempt from Federal income taxes under section 501 of the Internal Revenue Code, and whose annual receipts are normally more than $25,000 a year. Form 990-PF is used to determine taxes based on investment income, and to report charitable distributions and activities.

Who must file the IRS 990 PF form? 

The 990 PF form is filed by exempt private foundations and taxable private foundations. Organizations that made an election under section 41(e)(6)(D)(iv) and Private Foundations that are making a section 507(b) termination must also file this form. Nonexempt charitable trusts treated as private foundations have to file this form.

What other forms are needed when you file IRS 990 PF form?

You may also need to file Form W-2, Wage and Tax Statement, Form W-3, Transmittal of Wage and Tax Statements, Form 940, Employer’s Annual Federal Unemployment Tax Return, and Form 941, Employer’s Quarterly Federal Tax Return.

When is IRS 990 PF due?

There is no specific date to file the form 990 PF to the IRS. The nonprofit’s filing date is decided by the end of its fiscal year. The filing organization must file the form by the 15th day of the 5th month after the completion of its fiscal year.

What information do you need in order to complete this form?

You need to give the foundation’s EIN along with detailed information about revenue and operating and administrative expenses. Fill all the parts of the form carefully after reading the IRS instructions.

Where do you file IRS 990 PF?

Form 990-PF must be sent to internal revenue service center at the following address: Department of the Treasury Internal Revenue Service Center Ogden, UT 84201–0027