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Analysis of IRS Requirements (70 Points)While this assignment may not appear directly related to grant writing and fundraising, professionals in this area do need to understand what is included in the 990 and how it relates to the work they will doThis assignment will familiarize you with the importance of Internal Revenue Service (IRS) information requirements in the context of 501(c)(3) organizations. 501(c)(3) refers to tax-exempt status, which is critical to the success of a charitable nonprofit organization. Without this tax-exempt status, the organization would be unable to accept tax-deductible donations.Locate IRS Publication 557: Tax Exempt Status for Your Organization at http://www.irs.gov/uac/Publication-557,-Tax-Exempt-Status-for-Your-Organization-1[NOTE: Retain this IRS Publication 557 for future assignments.]Read Chapter 2: Filing Requirements and Required Disclosures.In a 2-3 page paper using APA/ CSU-Global guidelines, explain why it is important for a 501(c)(3) human-services organization to file annual information returns with the IRS. In your explanation address the function of these documents. Describe the possible implications of failing to adhere to these IRS requirements.Please address the following questions.Explain the purpose of Form 990. Summarize why it is an important document for a 501(c)(3).Interpret what is meant by a “public Inspection of annual information returns.”Identify the possible penalties for a 501(c)(3) failing to comply with the above items.