The Deadline for Tax-Exempt Organizations to File 990 Forms is Monday, May 16th

There is a major IRS filing deadline coming up, the deadline for nonprofit organizations to file their Form 990 with the IRS. This is their annual tax return and is crucial to not only the operations of a nonprofit organization, but if an organization fails to file, they can risk losing their tax-exempt status. 

Here is an overview of the 990 Series and the general filing requirements of nonprofit organizations.

What is the Form 990? 

The 990 series of forms are a collection of IRS tax forms that are used by tax-exempt organizations to report their income and expenses to the IRS each year. By filing this return these organizations are able to confirm that they are good stewards of the donations and contributions that they receive, and are using these funds to forward their mission. 

There are several different forms that an organization should file with the IRS. Which form they file is based on their annual gross receipts and how the IRS classifies their organization. Here is an overview of the different 990 forms. 

Form 990-N is also called the 990 e-postcard, this is the shortest of the 990 forms. This form is reserved for the smallest organizations, reporting $50,000 or less in gross receipts. 

Form 990-EZ is another of the shorter versions of Form 990. It is filed by slightly larger organizations with gross receipts between $50,000 and $200,000.

Form 990 is the standard form for tax-exempt organizations that have gross receipts totaling $200,000 or more. 

Form 990-PF is another long-form, this is filed specifically by private foundations of all sizes. 

Form 990-T is the Exempt Organization Business Income Tax Return. This form should be filed by any organization with a gross income of $1,000 or more from unrelated business activities. 

How Do Exempt Organizations Determine their Filing Deadline? 

There is an IRS rule that helps organizations determine when their 990 is due to the IRS. Generally, a tax-exempt organization must file their Form 990 by the 15th day of the 5th month following the close of their tax year. If the organization operates on a calendar tax year, this makes their 990 May 15th. 

This year, the 15th falls over the weekend, making the deadline for many organizations across the country May 16, 2022. 

How Should 990 Forms Be Filed with the IRS?

The IRS now requires that ALL forms in the 990 Series be filed electronically. The days of mailing a paper copy to the IRS are now in the past. 

This is not bad news however, e-filing is actually a much easier and more efficient method of filing. Plus, forms that are e-filed as a whole are more accurate than their paper counterparts. 

So it’s time for all tax-exempt organizations to embrace e-filing over paper-filing. 

An IRS E-filing Solution for Tax-Exempt Organizations

The switch to e-filing from paper filing can be daunting for organizations that have never done it before. Choosing an IRS-authorized e-file provider is a must, and choosing one that offers an easy filing process and advanced features will make a big difference!

Did you know that our sister product, ExpressTaxExempt is a market-leading e-file provider for nonprofits? It’s true, they offer great features to help you e-file your 990 forms. This includes built-in error checks, all the 990 schedules your organization may need, and the same excellent customer support that you are used to receiving from TaxBandits!

They also offer these unique features:

• A review system for board members
• Additional Users can help manage accounts
• Retransmit Rejected Returns for FREE
• Ability to copy Data from Prior Year Returns
• Extension Form 8868 is available
• Amend returns

You can create a free account and get started today at expresstaxexempt.com!

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