Roses are red, violets are blue…there’s a tax deadline coming up; does it apply to you?
The February 15th filing deadline for tax exempt organizations is right around the corner…literally. Don’t let Cupid make you forget about the February 15th Deadline.
While flowers, edible arrangements, heartfelt cards and gifts may be your main concern for Valentine’s day, it is extremely important that you don’t forget about the tax deadline the day after Cupid’s Birthday.
Don’t Let Cupid Make You Forget About the February 15th Tax Deadline
What Exactly is a Form 990?
Form 990 is an informational tax form provided through the IRS that is filed annually by most tax-exempt organizations and used to give the IRS a detailed snapshot of the activities, finances, and governing body of an organization.
There’s even a section on the Form that allows organizations to list its accomplishments over the previous year to justify its continuous need for tax exemption.
The deadline to e-file Form 990 Series varies.
Your due date is dependent upon the type of tax year in which the organization operates – calendar tax year or fiscal tax year.
Organizations that operate on a calendar tax year (January – December) have an annual filing deadline of May 15.
Fiscal tax year organizations whose tax year consists of 12 consecutive months and ends any month besides December, have a deadline on a different month.
Does My Organization Need To File by February 15th?
If you’re wondering if your organization needs to file by the February 15th deadline, you need to know this…two types of organizations required to file include:
- Organizations whose fiscal tax year begins on October 1 and ends on September 30 are required to file Form 990 by the February 15th tax deadline, and
- Organizations with a tax year which ended on March 31 with an original filing date of August 15 but filed a 6 month extension.
Your organization can easily meet the February 15th tax deadline by e-filing
IRS Form 990 with TaxBandits!
Which Form in the 990 Series Should I File?
There are a few options when it comes to which form to file in the 990 Series.
Let’s be honest here, there’s nothing worse than being stressed out during tax time and not knowing which form to file for your organization.
You don’t want to ask your peers because they may question your capability to file accurately.
And you definitely don’t want the Board of Directors giving you a side eye the next time you meet.
TaxBandits alleviates the worry and concern of missing the 990 deadline or even filing incorrect information by providing you with all of the tools and forms that you’ll need to file properly.
Here’s everything you need to know about the Form 990 Series:
Form 990-N (e-Postcard) is filed by tax exempt organizations with gross receipts less than or equal to $50,000.
Nonprofits & Tax Exempt organizations that have gross receipts less than or equal to $50,000 must complete their annual filing requirements by electronically filing Form 990-N (e-Postcard) since no paper form is available for Form 990-N. Organizations can also meet this annual filing requirement by filing Form 990 or Form 990-EZ instead.
Tax exempt organizations with gross receipts that come to less than $200,000 and $500,000 in total assets file Form 990-EZ.
Form 990-EZ serves as the short form return of organizations exempt from income tax. These organizations must have gross receipts less than $200,000 and total assets less than $500,000.
- This includes small tax exempt organizations, nonexempt charitable trusts, and section 527 political organizations.
Typically filed by tax exempt organizations with more than or equal to $200,000 in gross receipts or total assets more than or equal to $500,000.
Other organizations such as non-exempt charitable trusts and section 527 political organizations file this form also to receive recognition of exemption from federal income tax under 501(a).
Form 990-PF is filed by Exempt & Taxable Private Foundations as well as Non-exempt Charitable Trusts which the IRS treats as private foundations.
Filed by Exempt & Taxable Private Foundations as well as Non-exempt Charitable Trusts, Form 990-PF collects information on an organization’s assets, financial activities, trustees and officers, grants awarded for the specified fiscal year, and most importantly, maintains the tax exempt status of the organization.
Complete each of these forms with the simplified filing process of TaxBandits. Swamped with work or preparing for Valentines Day? No problem. We also offer Extension Form 8868 which provides an automatic filing extension of 6 months to file your return!
How To Maintain Tax Exempt Status Through TaxBandits
Good news! We know of the perfect way to maintain tax exempt status for your organization.
Prevent that nightmare of losing tax exemption from becoming a reality when you e-file with TaxBandits. TaxBandits offers easy e-filing for 990 Forms so you can quickly file the correct 990 Form for your organization.
Follow the simple step-by-step guide to create your free account, and enter basic information about your organization.
After completing the form interview, review your information and audit report, pay for your form, and transmit it directly to the IRS.
Complete the entire process in 5 simple steps!
We have countless success stories for last minute filing. Don’t hesitate any longer. File today.
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