My organization that files Form 990-EZ has acquired assets exceeding $500,000 this year. What to do now?
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Last modified 9/6/2023 5:18:02 AM EST |
If your organization's end of the year total assets mentioned in Line 25, Column B, Part II of 990-EZ exceeds $500,000 or more for the current tax year, then you must file Form 990 instead of Form 990-EZ.
However, certain organizations are not required to file Form 990-EZ even if their gross receipts are lesser than $200,000 for the tax year and $500,000 of total assets at the end of the tax year.