Which statement about Jain's organization and its filing requirements is true?

To determine the correct statement regarding Jain's organization and its filing requirements, it's essential to consider the nature of the organization. If Jain's organization is a public charity, it is indeed required to file Form 990. This form is used by tax-exempt organizations to provide the IRS with annual information on their activities, governance, and finances, helping to ensure transparency and compliance with tax regulations.

Form 990 is not only a requirement for public charities, but it also serves a significant purpose in keeping stakeholders informed about an organization's financial health and operational activities. Nonprofit organizations that earn a certain amount of revenue in a year generally must file this form to maintain their tax-exempt status.

In contrast, if Jain's organization were a private foundation, it would be required to file Form 990-PF, which is specifically designed for private foundations. Therefore, it would not be applicable here if the organization is indeed a public charity.

The other options involving Form 1023 and no returns would not apply either: Form 1023 is the application for recognition of exemption, not an annual filing, and while certain small organizations may not be required to file depending on their revenue, the given answer reflects a situation where Jain's organization is expected to file Form