Form Instructions 990-EZ Minneapolis Minnesota 2024-2025

Form Instructions 990-EZ Minneapolis Minnesota: What You Should Know

FISCAL YEAR AND SECTOR — FILING STATEMENT FILING OF THE RESTRICTED FUND Morton's was not the first to report income on a restricted fund to the IRS. In 1939, two major IRS amendments were enacted that gave an organization reporting income on a restricted fund the ability to delay reporting the income for a period of years after the organization ceased operations. In 1942, both of these extensions were repealed. The IRS no longer provides “deferred reporting,” and organizations have a new opportunity to report for the tax year and segment of the restricted fund. The 2025 limited-benefit plan reporting rules that require only a summary of the business of the plan and the gross income and assets are repealed. The reporting period for the 2025 plan begins after the initial coverage termination date (for 2019, January 1, 2019), and the reporting period begins with the second quarter of the organization's first annual operating year. The 2025 rules which did not require a summary of the business of the plan are repealed. In 2018, the second quarter of the organization's first annual operating year, there will be a reporting period. The 2025 summary year that begins on the day the second annual operating year begins starts on the day the organization no longer reports a business, or on the organization no longer receives the financial benefit of the plan. 2016 AND PROHIBITED ACTIVITIES While the previous restricted-fund limitation on reports was based upon annual financial statements, the 2025 limitations on reports are based upon financial statements and reports filed with this form. This means that the 2025 limitations, unlike the previous restrictions, are in effect from the time of first reporting until the end of the financial year. The 2025 limitations apply regardless of whether a restriction on distributions occurs for 2018. The restrictions are: FISCAL YEAR AND SECTOR — FILING STATEMENT The 2025 report filed with this form must include information about the organization's restricted-fund. For organizations with reporting obligations for the reporting period of the restricted-fund (e.g., the fiscal year), the restricted-fund will be shown as a separate category of itemized interest expense in the report. FISCAL YEAR AND SECTOR — PROHIBITED ACTIVITIES Organizations reporting restricted-fund distributions in 2025 will be required, regardless of income statement results, to report certain activities.

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