Today is the Deadline for Tax-Exempt Organizations to File 990 Series Forms for the 2022 Tax Year!

Today is the deadlines for tax-exempt organizations operating on a calendar tax year to file 990 returns!

May 15th has arrived, this means that nonprofits around the country have a major deadline today!

Yes, tax-exempt organizations operating on a calendar tax year must e-file Form 990 by midnight! Today is also the deadline for organizations that had a 990 deadline on November 15, 2022, and filed an extension. 

Which Form should your Organization File?

Organizations that have obtained federal tax exemption from the IRS are required to file one of the forms in the 990 Series. The eligibility for filing each of those forms varies depending on the organization’s financial status. Here are the filing requirements for each: 

  • Form 990-N – Organizations with gross receipts ≤ $50,000
  • Form 990-EZ – Organizations with gross receipts < $200,000 and assets < $500,000
  • Form 990 – Organizations with gross receipts ≥ $200,000 or assets ≥ $500,000
  • Form 990-PF – Organizations classified as Private Foundations

Please note, organizations that are required to file Form 990-N can choose to file 990-EZ or 990 voluntarily. This is often done for the purpose of applying for grants and funding. 

Are there any Additional Filing Requirements?

In addition to their 990 return, organizations that file 990-EZ, 990, or 990-PF may be required to file Form 990-T if their unrelated business income for the 2022 tax year was $1000 or more.

The IRS may also require the organizations to report additional information regarding certain aspects reported on their 990 forms through 990 schedules

What happens when an Organization Fails to File 990?

If an organization that is supposed to file a 990 form every year fails to do so, the IRS may impose a hefty penalty. The amount of the penalty depends on the organization’s gross receipts. 

For example, if the organization’s gross receipts for the 2022 tax year are less than $1,129,000, then the penalty amount per each delayed day will be $20. If the gross receipts are greater than $1,129,000,  the penalty amount per each delayed day will be $110. Learn More

Also, if these organizations fail to file 990 forms for 3 consecutive years, they may even lose their tax-exempt status through automatic revocation.

Get Started with Tax990 to E-file Form 990 on TIme!

Our sister product, Tax 990, formerly ExpressTaxExempt, is an IRS-authorized e-file provider of 990 forms. They support the e-filing of Form 990, 990-EZ, 990-PF, 990-N, and 990-T.

When filing your organization’s  990 return with Tax990, you can enjoy the following great benefits!

  • Free 990 Schedules – Tax990 automatically includes required Schedules for free.

  • Internal Audit Check – The completed forms are audited for IRS errors before transmission.

  • Multi-user Access – Tax990 allows their clients to invite staff members to manage filing. They can also share the form with board members for review and approval.

  • Free Retransmission – The forms rejected by the IRS can be retransmitted for free after fixing the errors.

  • Live Customer Support – A team of experts available via live chat, phone, and email to resolve queries instantly.

Tax990 also supports the e-filing of extension Form 8868, which can be filed by organizations that need more time to file their 990 returns (an extension can only be filed once per tax year). 

With the pricing package of Tax990, the organization can get their extension for free by paying for their 990 return up front.

Create a free account and get started with Tax990 today!

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