AK Form Instructions 990-PF 2024-2025

AK Form Instructions 990-PF: What You Should Know

What is Form 990 or 990-PF? What is an “excess executive compensation” return? (Excess compensation is defined as compensation that is above the compensation limits for the organization or its officers or board of directors. It must be reasonable.) If a tax-exempt organization fails to file an excess compensation report, then the IRS has authority to order that the organizations file a new return. However, tax exemption and charitable, religious and scientific organizations are able to submit the required reports on their own initiative. What is an excess compensation report? If an employer pays an employee a sum that exceeds the compensation limits for the organization or its officers or board of directors then the IRS can issue a summons (or levy) for the excess. Excess compensation will be reported on the organization's annual return by the Secretary on Form 990(S), the organization's Form 990-PF. IRS Publication 519 provides more information about excess compensation. (Excess compensation is defined as compensation that is above the compensation limits for the organization or its officers or board of directors. It must be reasonable.) If a tax-exempt organization fails to file an excess compensation report, then the IRS has authority to order that the organizations file a new return. However, tax exemption and charitable, religious and scientific organizations are able to submit the required report on their own initiative. Exceptions to this rule include: Compensation for services performed before the organization became taxable Excess compensation required to be filed by an organization for: Nonprofit and government organizations, including state and local government programs, for which compensation is paid to the organization's executive officers or directors Excess compensation paid as an award to an employee of the organization, as determined by the IRS (Excess compensation is defined as compensation that is above the compensation limits for the organization or its officers or board of directors. It must be reasonable.) If a tax-exempt organization fails to file an excess compensation report, then the IRS has authority to order that the organizations file a new return. However, tax exemption and charitable, religious and scientific organizations are able to submit the required report on their own initiative.

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