We’re all about tax and IRS information here at ExpressTaxFilings. That’s why, today, we’re going to take a dive into the nonprofit sector of IRS filing!
Believe it or not, tax-exempt organizations have a “Tax Day” and it’s coming up! May 15, 2017, is the deadline for tax-exempt organizations who follow a calendar year tax year to report their 2016 tax activity to the IRS.
We know what you’re thinking: tax-exempt organizations don’t pay federal taxes…what activity do they need to report? Well, they use their IRS information return to report certain donations, expenses, and other details of the organization to confirm with the IRS that its operations are still in accordance with its tax-exempt purpose.
The forms tax-exempt organizations use to prove they’re still operating within the IRS tax-exempt rules are forms in the 990 Series. The organization type and how much they receive in gross receipts each year determine which 990 Form they file.
- Form 990, Long Form. The traditional 990 Form and the most in-depth, this form is filed by organizations that receive at least $200,000 in gross receipts per year or have more than $500,000 in gross assets.
- Form 990-EZ. This is the simplified version of the 990 Form, filed by organizations that receive more than $50,000 but fewer than $200,000 in gross receipts annually.
- Form 990-N, e-Postcard. The e-Postcard is an online-only version of the 990 Form that’s filed by organizations that receive less than $200,000 in annual gross receipts. It’s very basic and can usually be completed in about five minutes.
- Form 990-PF, Private Foundation. Regardless of the amount of gross receipts received in a year, tax-exempt organizations that are considered Private Foundations must report their financial information on Form 990-PF.
The Form 990 Deadline
You may have noticed we had some conditions along with the 990 deadline we mentioned earlier. That’s because May 15 isn’t the IRS’s official deadline for tax-exempt filers, but it is close. You see, the actual deadline to have a 990 Form completed and filed with the IRS is the 15th day of the fifth month after your tax year end date.
So, if your tax year ends on December 31, like those who follow a calendar tax year (January 1 to December 31), this means your deadline falls on May 15. But say your tax year starts on July 1 and ends on June 30; well then your deadline would be November 15, and so on and so forth. You can confirm your organization’s tax year by entering its EIN over at the IRS’s Exempt Organizations Select Check
or by checking your status at ExpressTaxExempt’s new e-Postcard site
Speaking of ExpressTaxExempt
We’ve mentioned before, but we’ll say it again: our sister product, ExpressTaxExempt is one of the best options for filing your 990 Form. Everything is done securely online and saved in your account from year to year, so filing is always a breeze! Head on over to www.ExpressTaxExempt.com to learn more or give us a call and we’ll direct you to an ETE team member who’ll be happy to answer your questions!