ExpertHard1 markMultiple Choice
CPA · Question 47 · Area V: Entity Taxation
Which of the following organizations must file an annual information return (Form 990) with the IRS?
Which of the following organizations must file an annual information return (Form 990) with the IRS?
Answer options:
A.
A church.
B.
A federal agency.
C.
An organization with gross receipts less than $5,000.
D.
A private foundation.
How to approach this question
Exceptions to Form 990: 'CHRIST'. C=Churches, H=High schools (religious), R=Religious orders, I=Internal support aux, S=Societies (missionary), T=Tax exempt under act of congress. Private Foundations MUST file.
Full Answer
D.A private foundation.✓ Correct
Private foundations are required to file an annual information return (Form 990-PF). Churches and certain religious organizations are statutorily exempt from the filing requirement.
Common mistakes
Thinking churches must file Form 990.
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