Irs 990 N: Fill & Download for Free

Let’s try to get things defined…. you have a condo complex.. now is the entity you are trying to file taxes for (1) the condo association or (2) the ownership of the condos ( like they are rental condos?).For this answer, I’m assuming that you are trying to file the condo association tax return. That’s pretty simple, but again, we have to make some more assumptions. I am assuming that it is incorporated as a 501(c)(4) non profit organization. If I just lost you, ok, so see Homeowners’ associations at the IRS website.If you have a non profit (501(c)(4) association, then you will be filing form 990. This is an intimidating form, except that there’s an exception which will cover you… a “postcard” filing of form 990-N. It’s allowed if your receipts are less than $ 50,000 per year, which in your case, should be true.So, here’s where you go: Annual Electronic Filing Requirement for Small Exempt Organizations - Form 990-N (e-Postcard) and Annual Electronic Notice (Form 990-N) for Small Organizations FAQs: How to File.It’s a lot easier than it looks, just skim the IRS gobby-gook, click on filing it, and fill it in. Easy.

Converting your 501(c)(3) nonprofit into a for-profit organization may help it obtain loans or connections that allow it to continue to serve the community. Because a non-profit is not owned by individuals, it cannot simply convert into a for-profit business. If you no longer want to operate as a nonprofit, you must dissolve the organization and form a new corporation. Although your 501(c)(3)’s tax exempt status was originally conferred upon it by the IRS, conversion requires five steps.First, I would encourage you to meet with a tax lawyer so she or he can review your previous returns and analyze your current tax situation. I say this because you would not want to convert your 501(c)(3) only to find out that you would be better off keeping your tax-exempt status.Second, have the 501(c)(3)’s board of directors meet and vote to dissolve the 501(c)(3) after a meeting in which you all discuss the upsides and downsides of the proposal. Report the vote’s result to employees, members, donors, and partners.Third, contact your state’s attorney general office, file articles of dissolution, and request other forms or paperwork required to change your organization’s status from non-profit to for-profit at the state level. Every state has different requirements. In the alternative, some state will not require dissolution. If you live in one of these states, send a statement of nonprofit conversion that includes the reason for nonprofit termination, a certified copy of the liquidation plan, the fair market value of the organization, and a list of all asset recipients if assets will be distributed. To convert, your organization only needs to re-organize its tax structure. Send the statement to the IRS, Exempt Organizations Determinations department. Internal Revenue Service Manager Exempt Organizations Determinations PO Box 2508 Cincinnati, OH 45201.Fourth, file a final nonprofit tax return with the IRS within four months and 15 days from the termination of nonprofit status and pay the organization’s outstanding debts. This is done with the e-Postcard Form 990-N if receipts are less than $25,000; Form 990-EZ are used by organizations with gross receipts less than $1 million and Form 990 is used by all other organizations. Finally, distribute the 501(c)(3)’s assets to another non-profit.Fifth, file new articles of incorporation with your state’s secretary.Need assistance dissolving your 501(c)(3)? The corporate attorneys at LawTrades can walk you through the process at an affordable flat rate. Message me for more details. Hope this helps!

A 501(c)(3) nonprofit organization must keep the following on file:Complete Form 1023 and all supporting documentsAll correspondence between the organization and the IRS regarding the Form 1023, if anyThe IRS determination letter recognizing the organization’s 501(c)(3) statusAnnual returns (Form 990, 990-EZ, 990-PF, or 990-N, and 990-T, including all schedules) (generally, at least all returns filed within the last three years) and supporting documents and recordsOrganizational documents, such as articles of incorporation and bylaws, including any amendmentsIf the organization has employees, then it needs to keep proper records of its employees, payroll taxes, and so forth.If the organization has independent contractors, then it needs to keep proper records of payments to independent contractors, annual reporting forms, and so forth.