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IRS Tax Filing Requirements

IRS Requirements for Not-for-Profit Organizations

Reporting requirements for Organizations with less than $50,000 in gross receipts

Effective for annual periods beginning in 2010, organizations whose annual gross receipts are $50,000 or less are required to file Form 990-N, Electronic Notice (e-Postcard), unless they choose to file a complete Form 990 or Form 990-EZ.

An organization's gross receipts are considered to be $50,000 or less if the organization:

  • Has been in existence for 1 year or less and received, or donors have pledged to give, $75,000 or less during its first taxable year;
  • Has been in existence between 1 and 3 years and averaged $60,000 or less in gross receipts during each of its first two tax years; or
  • Is at least 3 years old and averaged $50,000 or less in gross receipts for the immediately preceding 3 tax years (including the year for which calculations are being made). 


Reporting requirements for Organizations with greater than $50,000 in gross receipts

Each LMSC with annual gross receipts normally in excess of $50,000 must file a tax return (Form 990 or 990-EZ) for that tax year.

 

How to file the e-Postcard (Form 990-N)

File the e-Postcard (Form 990-N) by going to the following link on the IRS web site:

http://www.irs.gov/Charities-&-Non-Profits/Annual-Electronic-Filing-Requirement-for-Small-Exempt-Organizations-Form-990-N-%28e-Postcard%29

The questions you will be asked are listed below, along with suggested answers for some of them.

Please view these screen shots of the 990-N filing process.

  • Tax year period:  January 1 to December 31 of the given year
  • Organization’s legal name:  UNITED STATES MASTERS SWIMMING INC
  • Has your organization terminated or gone out of business?
  • Are your gross receipts normally $50,000 or less?
  • Organization’s legal name:  UNITED STATES MASTERS SWIMMING INC
  • Organization’s employer identification number (EIN), from the EIN numbers list in the Guide to Operations.
  • If your organization conducts business using another name (dba), enter other name:  this is your LMSC’s name as it is listed in the USMS group exemption.  The correct name can be found in the list of EIN numbers in the Guide to Operations. Most of these names share the same format of “XYZ LOCAL MASTERS SWIMMING COMMITTEE.”
  • In Care of Name:  name associated with the mailing address (next item)
  • Organization’s mailing address:  the current mailing address used by the organization (usually the registrar’s address, the treasurer's address, or the chairman’s address).
  • Organization’s website address (if you have one).
  • Name and address of a principal officer of your organization:  usually the chairman, secretary, or treasurer; often specified in the organization’s by-laws.


Other IRS Requirements

  1.  Any LMSC that makes payments of $600 or more in any fiscal year to a person for services rendered must issue an IRS Form 1099-MISC to that person by January 31 of the following year. Reimbursement for out‑of‑pocket expenses is not considered to be payment for services rendered.

  2. All LMSCs are reminded that income unrelated to exempt activities may be taxable.  Consult a tax advisor if you believe that the revenue from unrelated activities may be taxable.
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