About Processing 990 Return Types
ONESOURCE Trust Tax allows you to prepare, review, process and file the following federal 990 series forms for tax-exempt organizations (referred to as exempt organizations) and private foundations:
- Form 990-N e-postcard
- Form 990
- Form 990-EZ
- Form 990-PF
- Form 990-T
- Form 4720
You can also use ONESOURCE Trust Tax to prepare and review the following state 990 return types:
- California Form 199
- Connecticut Form CT-990T
- Illinois Form AG990-IL, Form IFC and Form IL-990-T
- Indiana Form IT-20NP and Form NP-20
- Massachusetts Form PC-Long Form and Schedule A2
- New Jersey Long Form CR-300R and Long Form CRI-300RC
- New York Form 500
- Oregon Form CT-12
Collectively, ONESOURCE Trust Tax refers to the 990 forms listed above as 990 return types, and the accounts as
990 accounts
.About Filing Federal and State 990 Return Types
ONESOURCE Trust Tax allows you to paper file or e-file federal 990 return types with the IRS. E-filing is required for:
- Form 990-N e-postcard.
- Private foundations filing 250 or more returns for the calendar year ending with or within the foundation's tax year.
Federal 990 return types are e-filed through the IRS' 1041 Modernized e-File (MeF) platform. Payment for a Form 990-PF, 990-T or 4720 with a balance due is remitted using the Electronic Federal Tax Payment System (EFTPS) service.
You can e-file amended federal 990, 990-EZ and 990-PF returns beginning with tax year 2019, and you can e-file amended 990-T and 4270 returns beginning with tax year 2020. Federal 990 returns must be qualified for e-fling and any Electronic Filing Reject diagnostics must be cleared before the return can be e-filed.
You can e-file original and amended 990 state returns beginning with tax year 2019. Currently, only California (Form 199) is available for e-filing. California requires Form 199 to be e-filed and requires a copy of the federal 990, 990-EZ or 990-PF return. ONESOURCE Trust Tax recommends waiting until after the federal 990, 990-EZ or 990-PF return is e-filed and accepted before e-filing the California Form 199 return. California Form 199 returns must be qualified for e-filing and any Electronic Filing Reject diagnostics must be cleared before the return can be e-filed.
Paper filing with the appropriate state taxing authority is required for those states where e-filing is unavailable.
About Group Returns for Organizations Exempt Under a Group Exemption Letter
ONESOURCE Trust Tax facilitates generating group returns on Form 990 for organizations that are exempt under a group exemption letter. Generating a group return requires you to create a combined account, which identifies the account for the central organization as the parent account and associates the accounts for the subordinate organizations (referred to as child accounts) with the parent account. The tax data for each child account is managed throughout the year. When it is time to generate the group return, the tax return for the parent account is processed to generate the group return.
About Additional Federal Forms for Charitable Trusts
The type of charitable trust determines the federal 990 return type that is filed and whether other annual returns are required to be filed. For example, a Section 4947(a)(1) charitable trust that is not treated as a private foundation and that has no taxable income files Form 990 or 990-EZ. However, if the same charitable trust has taxable income, it must file Form 1041 in addition to Form 990 or 990-EZ.
The table below shows the federal forms that may apply to various types of charitable trusts. See the IRS' Rev. Proc. 83-32, 1983-1 C.B. 723 for details about whether a form is required.
Type of Charitable Trust | 990 or 990-EZ | 990-PF | 990-T | 1041 | 5227 | 4720 |
|---|---|---|---|---|---|---|
Exempt charitable trusts that are not private foundations | X | X | ||||
Exempt charitable trusts that are private foundations | X | X | X | |||
Charitable trusts (described in I.R.C. Section 642(c)(6)) that are treated as taxable private foundations | X | X | X | |||
Section 4947(a)(1) nonexempt charitable trusts that are not treated as private foundations | X | X | ||||
Section 4947(a)(1) nonexempt charitable trusts that are treated as private foundations under I.R.C. Section 6033(d) | X | X | X | |||
Charitable remainder trusts under I.R.C. Section 642(c) | X | X | ||||
Pooled income funds under I.R.C. Section 642(c) | X | X | X | |||
Section 4947(a)(2) split-interest trusts treated as private foundations | X | X | X |
About Quarterly Estimated Taxes for 990 Accounts
You can use ONESOURCE Trust Tax to prepare and file quarterly estimated taxes for 990 accounts.
Tasks
Complete the following tasks to prepare, review, process and file original and amended 990 return types:
- Switching the Tax Year.
- Granting User Rights.
- Setting PAN or SuperBank Level Options
- Setting 990 Control Information - 990 controls allow you to assign (or map) tax codes for revenue and expense items, change the tax code descriptions for the assigned tax codes, enter 990-PF ratio amounts, and roll 990 control settings from the prior year (if settings were entered in the prior year). You can map partnership and S corporation income and deductions reported in Part III of Schedule K-1 to Forms 990, 990-EZ and 990-PF.
- Reviewing Accounts, Recipients and Sales - Many of the account, recipient and sales fields that you need to review at the account level are also available for adding as columns to custom 990 registers. Adding these columns allows you to complete your review at the register level rather than accessing the account binder for each account.
- Reviewing Information Specific to Form 990-N e-postcard.
- Reviewing Information Specific to Form 990.
- Reviewing Information Specific to Form 990-EZ.
- Reviewing Information Specific to Form 990-PF.
- Reviewing Information Specific to Form 990-T.
- Reviewing State 990 Data.
- Processing 990 Accounts - Includes information on processing tax returns, worksheets and projections from a register and the account binder, and reviewing the processing results.
- Filing 990 Return Types and Remitting Balance Due Payments
- Processing Amended Forms 990, 990-EZ, 990-PF, 990-T and 4270