Which of the following organizations must file an annual information return (Form 990) with the IRS?

Answer options:

A church.

A federal agency.

An organization with gross receipts less than $5,000.

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.

Question 46 All questions Question 48

Practice the full CPA REG Practice Exam 3

72 questions · hints · full answers · grading

More questions from this exam

Q01A CPA is preparing an original tax return for a client who is claiming a refund based on a positi...Hard Q02A practitioner is representing a taxpayer in an IRS examination. The taxpayer has a 25% ownership...Hard Q03A tax return preparer willfully attempts to understate the tax liability on a client's return by ...Hard Q04Which of the following scenarios would most likely result in the assessment of a penalty for fail...Hard Q05Regarding the disciplinary authority of State Boards of Accountancy, which of the following state...Hard

View all 72 questions →