Today may be a new day, but it’s also the day some of you realized you didn’t file your 990s with the IRS last night. Now what? Is your organization’s exempt status in jeopardy? Is it all your fault? First, don’t beat yourself up! Second, here’s a crash course on what happens after you miss the 990 filing deadline and what you can do to minimize the damage.
So You’ve Missed the 990 Filing Deadline
September 17th is not a deadline for everyone filing 990s. Tax-exempt organizations whose fiscal year ended in April, and any organizations who filed for an IRS 990 extension back in March are the people for whom yesterday was a big deal. You are required to file IRS 990 to report important information regarding your organization and to maintain its 501(c)(3) tax-exempt status.
According to the IRS, if an organization whose gross receipts are less than $1,000,000 for its tax year files IRS 990 after the due date, that organization will be charged $20 a day every day until the return has been filed.
However, organizations that can provide reasonable cause for why their 990s are late, the penalty for missing the 990 filing deadline may be waived.
Which IRS 990 is my 990?
There are four variations of Form 990 included in the Form 990 Series. Each form provides information on specific types of exempt organizations.
Organizations with gross receipts that are less than or equal to $50,000 file this form electronically.
Filed by organizations with gross receipts more than or equal to $200,000 or total assets equal to or greater than $500,000.
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.
Filed by Exempt & Taxable Private Foundations as well as Non-Exempt Charitable Trusts which the IRS treat as private foundations.
What You Need Before Filing 990s
General information needed to e-file IRS 990 include:
- EIN (Employer Identification Number)
- Tax Period
- GEN (Group Exemption Number)
- You will also need information to complete any required schedules for your organization
Alright guys, now that you know you need to knock out those slightly tardy 990s, don’t delay. Create a free TaxBandits account and keep your organization tax exempt. TaxBandits is an IRS-authorized e-file provider, which means we take the headache (and a large chunk of wait-time) out of keeping your organization compliant.