Hours of Operation: Mon - Fri 8:00am - 8:00pm
Test Your Knowledge Of 501(c) Organizations
How often is a tax-exempt organization required to file a Form 990 Return with the IRS?
A. Every year
B. Every 3 years
When requested, tax-exempt organizations are required to provide their Form 990s to:
A. Board members only
B. Members only
C. Anybody that asks
If requested, tax-exempt organizations must provide their Form 990s:
A. Within 10 business days
The terms 'nonprofit' organization and 'tax-exempt' organization mean the same thing so they can be used interchangeably.
Because they donate their time and expertise as a way to give back to their community, members of boards of directors are exempt from lawsuits.
If a tax-exempt organization does not file its Form 990, the IRS will impose a $1,000/day fine and will audit each individual board member.