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

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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 to be 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 the 990 deadline

Late filing of Form 990 is accompanied by severe penalties ranging from $25 to $125 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.

Navigate the 990 Deadline with confidence, backed by the Tax990 Commitment!

With our sister product Tax990, you get the same trusted support TaxBandits offers—fast, accurate, and stress-free filing, even on a tight deadline.

With the Tax990 Commitment, you’re supported every step of the way. From free extension requests to guided filing and instant feedback on rejected returns, we’ve got you covered. Need to make a correction after submitting? No worries—retransmit at no extra cost. And if things don’t go as expected, our money-back guarantee is here to ensure your peace of mind.

Click here to learn more about the Tax990 Commitment.

This isn’t just about checking a box. It’s about filing with confidence, clarity, and control—just like Tax990 delivers.