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Santa Ana California Form 990 or 990-EZ - Schedule C: What You Should Know

If your organization uses Form 990-EZ, make sure you include Form 990-EZ as part of your Schedule A (Form 990 or 990-EZ) 2013. We want to make sure that your filing status is reported correctly; to learn how to correct Form 990 and Form 990-EZ incorrectly on your return, visit How to Correct Filing Status on Your Return. We know that many nonprofits choose to file Form 990-EZ because of the amount of tax they pay. There are a couple of ways nonprofits can pay less tax on their nonprofits' income by paying them on a deferred basis. The first option is the nonprofit's choice to pay the organization's own share of the tax on a regular basis, then pay the other portion at the end of the year. The second option is to use the Form 990-EZ as a check-the-box option that you report as interest on line 6b of your 2023 tax return. We don't encourage anyone to take advantage of either of these two options. But if a nonprofit needs to pay back tax on less income than it receives in a given year, it may want to consider this option. We recommend that nonprofits file the tax return to the month they paid a tax, as a reminder to them to file again next year. (We suggest that you keep a copy of your Form 990 in your files for easy reference.) What is a deferred basis? Deferred basis is the type of payment arrangement where the nonprofit can take a deduction for its share of tax paid on behalf of its employees. The Form 990-EZ is similar to a check-the-box election to reduce the amount of tax paid on the other side of the ledger. There are a number of ways to pay an organization a deferred basis in an amount that is large enough to cover the tax. Many charities like to pay on a deferred basis because they don't report their income regularly because they have little overhead. Because this payment is not reported on the IRS's Form 990, it's not considered business income for the purposes of the tax. For this reason, not much IRS audit is likely. There are a few caveats to the payments — if any — that can be made on a deferred basis. The payments would not qualify for a deduction, and the employer would not be required to file Form 990-EZ.

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