File IRS Form 990 Now To Avoid Penalties

Definition of procrastinateLet’s admit it. We’ve all been guilty of procrastination at least one time (or ten) in our life.

Keeping up with the needs of your organization and community can be time-consuming, which is why TaxBandits provides tax-exempt groups with easy and quick Form 990 series e-filing.

Take a quick break from your hectic work schedule to gain insight on why you need in order to meet the May 15 deadline and file IRS Form 990 now to avoid penalties.


File IRS Form 990 Now To Avoid Penalties

Knowing which 990 Form to file is the first step in meeting the May 15th deadline. Choose the proper form based on the financial status of your organization:

Form 990-N (e-Postcard)

Filed by organizations with gross receipts less than or equal to $50,000.

Form 990-EZ

Filed by organizations with gross receipts less than $200,000 and total assets less than $500,000.

Form 990

Filed by organizations with gross receipts more than or equal to $200,000 or total assets more than or equal to $500,000.

Form 990-PF

Filed by organizations that are exempt and taxable Private Foundations as well as Non-Exempt Charitable Trusts which the IRS considers as private foundations.

Form 1120-POL

Filed by Political & certain Tax-Exempt Organizations with taxable income remaining after taking the $100 special deduction for the taxable year.


When is Form 990 Due?

Form 990 must be filed by the fifteenth day of the fifth month following the organization’s tax year end date. The standard deadline for calendar tax year organizations [January – December] is May 15th.

Note: Organizations that request a 6-month extension of time to file IRS Form 990 for the May 15th deadline must file by November 15.


Form 990 Penalties

Volunteers of nonprofit organizationIf you thought about putting the upcoming 990 deadline on the backburner again, I’d suggest you rethink that. There is a penalty of $20 a day if you fail-to-file your nonprofit 990 tax form.

Organizations with annual gross receipts exceeding $1 million are subject to a penalty of $100 for each day failure continues (with a maximum penalty for any one return of $50,000).

Create a free account today and begin your 990 filings while you have time!


File My 990

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