ExpertHard1 markMultiple Choice
CPA · Question 36 · 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 990: 'CHRIST' (Churches, High receipts <$50k (file postcard), Religious orders, Internal support groups, Societies (missionary), Tax-exempt under Congress). Private Foundations MUST file.
Full Answer
D.A private foundation.✓ Correct
Most tax-exempt organizations must file Form 990. Exceptions include churches and federal agencies. Private foundations are required to file Form 990-PF.
Common mistakes
Thinking churches must file.
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