Let’s Make A Deal: How To Be A Winner On Deadline Day

Stephanie Glanville | March 15, 2018 | Read time: 5 minute(s) | Deadline, Form 990 Series, Nonprofits, Tax Exempt, Tax Tips | No Comments

If you just realized that your tax-exempt organization’s Form 990 is due, I’m pretty sure you’re not jumping for joy like this former Let’s Make A Deal contestant.

Before you have a breakdown or panic attack, we have some good news for you! TaxBandits has the best solution for your last-minute tax filing needs.

Exempt organizations that operate on a fiscal tax year have varying Form 990 due dates based on the organization’s tax year.

If your organization is required to handle 990 e-filing soon and you are running out of time, your best bet is to file your appropriate 990 Form with TaxBandits quickly or simply file Form 8868 for an extension of time to file.

Both forms are due by midnight on deadline day, so let’s make a deal–Form 990 or Extension Form 8868?

Let’s Make A Deal: How To Be A Winner on Deadline Day

Before we reveal the grand prize let’s discuss the difference between both forms to determine the best option for you. It is important to note that it does not matter how the gross receipts achieved this total (if it was via peer-to-peer fundraising, donations, etc.) it only matters what that total is.

Form 990 Series

There are four variations of Form 990 included in the Form 990 Series. Each form provides information on specific types of exempt organizations:

Form 990

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

Form 990-EZ

The Short Form Return of Organization Exempt From Income Tax filed by organizations with gross receipts less than $200,000 and $500,000 in total assets.

Form 990-N

Organizations with gross receipts that are less than or equal to $50,000 file this form electronically.

Form 990-PF

Filed by Exempt & Taxable Private Foundations as well as Non-Exempt Charitable Trusts which the IRS treat as private foundations.

Extension Form 8868

Used by nonprofit groups, charities, and other tax-exempt organizations for an extension of time to file their federal tax return. By simply filing this form with us by your original Form 990 deadline you will get an automatic 6-month extension of time to file your Form 990 and can avoid IRS penalties.

It’s Game Time…Let’s Make A Deal!

Although tax filing matters are not a game, TaxBandits specializes in offering options and resources to our users in an enjoyable way to help make the tax filing experience simple and stress-free.

With the help of TaxBandits, you don’t have to worry about missing your Form 990 deadline because of our interview style e-filing process and tax software that will help you complete your federal tax return and instantly transmit it directly to the IRS in no time.

All you have to do is follow the simple step-by-step guide to create your free account, enter basic information about your organization, complete 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!

Filing Extension Form 8868 is even easier! Before you know it, you will have extra time to file your Form 990 and maintain tax-exempt status.

And The Winner Is…

You get a deal…and you get a deal…EVERYBODY GETS A DEAL!!

Luckily, this game is set up for a “win-win.” You can either easily e-file Form 990 by your organization’s deadline and stay compliant with the IRS or file an extension and get extra time to handle your tax filings. Either way, YOU WIN!

So head on over to TaxBandits and accept your grand prize for the upcoming 990 deadline day.