Tax990 Knowledge Base

Our organization filed 990-EZ on time. But the IRS imposed a penalty on us, what would be the reason?

The IRS would have imposed a penalty for any of the following reasons.
 
Your organization would have,

• Transmitted an incomplete return.
• Provided incorrect information in the return.

To avoid penalties as such, make sure the following things:

• Complete all the required information on the form. In case there's no amount that needs to be reported on a particular line, enter -0- (as per the instructions).
• Provide explanation wherever required, and make sure to attach all the required Schedules.