990 Forms are Due Today! Tax990 Offers a Simple Solution for Nonprofits to Meet the Deadline

990 returns are due now! Check out our friends at Tax990 for last minute filing and extensions!

Stephanie Glanville | May 15, 2024 | Read time: 4 minute(s) | Deadline, Form 990 Series, Nonprofits | No Comments

It’s crunch time for the 990 filing season! Today is the deadline for many nonprofits and tax-exempt organizations nationwide to file 990 returns.

If your organization follows the calendar tax year or obtained an extension last November, it’s imperative to submit your 990 return before tonight.

Choosing the Right 990 Form

Before diving into the filing process, your initial step is determining the right 990 form for your organization. The IRS offers various versions of the 990, allowing you to select the one that aligns with your organization’s gross receipts, assets, and primary funding source.

Here are the different 990 forms and their filing requirements.

Form 990-N – For organizations with a gross receipt of $50,000 or lesser
Form 990-EZ – For Organizations with gross receipts of less than $200,000 and assets of less than $500,000
Form 990 – For organizations with gross receipts of more than or equal to $200,000 (or) assets of more than or equal to $500,000
Form 990-PF – For organizations that are classified as private foundations under section 501(c)
Form 990-T – For organizations generating an Unrelated Business Income (UBI) of $1000 or more must file this along with their main forms

Information Reported

To successfully complete a 990 form, you need to have key information readily available. This includes the organization’s basic details, financial data such as revenue and expenses, program service accomplishments, and compensation details.

The IRS uses this information to ensure the organization remains aligned with its exempt purpose and adheres to established guidelines.

Extending Today’s 990 Deadline

If you need more time to file your 990, the IRS allows for an extension without requiring any reason. You can file Form 8868 to secure an automatic 6-month extension. Remember, these extension forms must be filed before the deadline.

Penalties for Missing 990 filing

Late filing of Form 990 is accompanied by severe penalties ranging from $20 to $120 and poses the risk of losing tax-exempt status, which can significantly impact your organization’s reputation. Therefore, adhering to deadlines is crucial to avoid these adverse outcomes.

E-file Mandate for 990 Forms

As you may know, the IRS mandates tax-exempt organizations and nonprofits to file all the 990 Forms electronically starting in 2019. When compared to paper filing, the e-filing ensures quick approval of returns and streamlined processing. It also enhances the transparency and accessibility of the filing process.

However, it’s essential to choose an ideal e-file provider authorized by the IRS to e-file their 990 returns efficiently and on time.

Meet Your 990 Deadline with Tax990!

Tax990, our sister product, simplifies the filing process with its exhaustive features and dedicated customer support. With Tax990, you can complete and submit your 990 returns efficiently, even with just a few hours left.

Notably, our software includes all the required Schedules for free. Also, if the IRS rejects your 990 filed with Tax990, you can retransmit it for free.