The Tennessee Summary of Financial Activities for 990EZ or 990 is a form used by nonprofit organizations registered in the state of Tennessee. This form is used to provide information about a nonprofit's financial activities and activities that are related to the purpose of the organization. It includes information such as the total revenue and expenses for the organization, any changes in net assets, and transactions with officers, directors, and trustees. The Tennessee Summary of Financial Activities for 990EZ is a shortened version of the 990 form that is used by organizations with gross receipts of less than $50,000. The 990 form is used by organizations with gross receipts of more than $50,000. Both forms require nonprofits to provide detailed financial information such as total revenue, expenses, assets, liabilities, net assets, and transactions with officers, directors, and trustees.
Tennessee Summary of Financial Activities for 990EZ or 990
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With this exemption, an organization can save 15% - 35% of its taxable income. In most instances, do not pay state corporate income, franchise, excise, use, and sales tax. The breadth of state tax exemptions varies state by state. Interested organizations should contact their state tax office to find out more.
More In File An applicable tax-exempt organization is a section 501(c)(3) or 501(c)(4) tax-exempt organization or an organization that was tax-exempt under section 501(c)(3) or 501(c)(4) any time in the five-year period ending on the day the excess benefit transaction occurred (the lookback period).
The exempt purposes set forth in Internal Revenue Code section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and the prevention of cruelty to children or animals.
Section 501(c)(6) of the Internal Revenue Code provides for the exemption of business leagues, chambers of commerce, real estate boards, boards of trade and professional football leagues, which are not organized for profit and no part of the net earnings of which inures to the benefit of any private shareholder or
All Tennessee nonprofit corporations must file an annual report with the Tennessee Secretary of State and pay a $20 filing fee.
Exempt Organization Types Charitable Organizations. Churches and Religious Organizations. Private Foundations. Political Organizations. Other Nonprofits.