My organization was terminated. What do I need to know to file the final 990-EZ return?
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Last modified 3/14/2023 9:06:28 AM EST |
When an organization is terminated, certain information must be disclosed. Follow the steps below to file your organization’s final Form 990-EZ.
- In the header area B of page 1, check the Final Return/terminated box and make sure the total assets (Part II Line 26 column B) equal zero.
- In Part V, Line 36, answer "Yes" to the question "Did the organization undergo a liquidation, dissolution, termination, or significant disposition of net assets during the year?"
- Any organization that answered “Yes” on line 36 of Form 990-EZ is required to complete and attach Schedule N to the form.
- Complete Schedule N (Form 990 or 990-EZ), Liquidation, Termination, Dissolution, or Significant Disposition of Assets.
- Part I of Form 990 EZ Schedule N - Liquidation, Termination, or Dissolution - Include a description of the assets and any transaction fees, the date of distribution, the fair market value of the assets, and information about the recipients of these assets.
- Part II of Form 990 EZ Schedule N - Sale, Exchange, Disposition, or Other Transfer of More Than 25% of the Organization’s Assets- this must be used by organizations that file Form 990 or Form 990-EZ to report a liquidation of more than 25 percent of their net assets by a sale, exchange, or other disposition.