It’s Time to File your Form 990 for Tax Year 2020!
Let’s shift gears and talk about nonprofit organizations! Fall 2020 has been filled with both exciting times and stressful times. Now that you’ve celebrated your first socially distanced Halloween and cast your ballot. It’s time to focus on the Form 990 deadline which is creeping up on us mid-November.
Filing your Form 990 can be a bit stressful and even overwhelming if your organization’s filing responsibilities fall completely on your shoulders. Knowing what information you need to gather and having helpful resources at your fingertips will ease the pressure you’re feeling!
That’s why TaxBandits is bringing you a guide to meeting your 990 deadline.
Remember, you can easily file with our sister product, ExpressTaxExempt! We’re all in this together, so feel to reach out to their team of nonprofit experts while e-filing Form 990. They are here to help!
What is the Form 990 deadline for November?
If your organization’s tax year ends on June 30, you will need to file your Form 990 no later than November 16, 2020.
You must file your Form 990 by the 15th day of the 5th month after your tax year ends.
Which Form 990 should you file?
There are a few variations based on the gross receipts that nonprofit organizations bring in during the tax year. Be sure to choose the form that fits your organization’s financial situation.
This is also referred to as the 990 e-postcard. This is the shortest version of the Form 990 and it is filed by smaller organizations reporting less than $50,000 in gross receipts.
This is also a relatively short version of the Form 990. This should be filed by organizations with gross receipts greater than $50,000, but less than $200,000. They must also have less than $500,000 in total assets.
This is the standard long-form 990. This should be filed by organizations reporting gross receipts over $200,000 and with assets totaling over $500,000.
If your organization is a private foundation or treated like one, this is the Form 990 you should file.
What if you need some additional time to file?
This is a question that we often get from our nonprofit clients. The good news is that you can file an extension for additional time to file the Form 990 with the IRS. This is the Extension Form 8868.
Please note that you can’t file an extension for the Form 990-N.
This extension grants organizations an additional six months to file the Form 990 with the IRS. This is a great relief if you know that you’re unprepared to complete your filing by November 16. Just make sure that you complete this extension on or before the deadline in order to be eligible.
Whether you are ready to file your Form 990 or ready to file your extension for additional time, TaxBandits and our sister product, ExpressTaxExempt are here to help!
