Happy New Year! File Your Nonprofit Tax Return with Tax990 in 2023!

File your 2022 tax year returns with Tax990

2023 has officially begun! Obviously, this means 2022 is over, and what better way to remember it than to complete your 2022 nonprofit tax returns

Yes! Tax 990 now supports the e-filing of 990 forms for the 2022 tax year. Here’s everything you need to know before filing.

Nonprofit Filing Requirements

Nonprofit organizations that obtained tax-exempt status from the IRS should file the 990 series forms annually. 990 series forms allow the IRS to gain information about an organization, its finances, and its activities. 

Here is the summary of the information required to be reported on the 990 forms:

  • Basic Information such as name, address, and type of organization
  • Financial information such as revenue, expenses, assets, and liabilities
  • Organization’s activities
  • Program service accomplishments
  • Other IRS filings and tax compliance requirements
  • Key personnel, governing body, and management details

When is the Deadline?

Most 990 series forms are due on the 15th day of the 5th month after the organization’s tax year. This includes Form 990, 990-N, 990-EZ, 990-PF, and CA Form 199

  • If your organization follows a calendar tax year, your due date would be May 15th
  • If the deadline falls on a weekend or a holiday, the due date will be the next business day. 
  • Form 990-T may have a different deadline depending on the type of organization filing. 
    • For Employees’ trusts, defined in section 401(a), IRAs (including SEPs and SIMPLEs), Roth IRAs, Coverdell ESAs, or 408(a) (Archer MSAs), the due date to file Form 990-T is the 15th day of the 4th month after the organization’s accounting period ends.
    • Other organizations, except sections 401(a) and 408(a) trusts, must file their Form 990-T on or before the 15th day of the 5th month after the end of the accounting tax period.
  • Form 1120-POL is due by the 15th day of the 4th month after the organization’s tax year ends.
  • Form 8038-CP should be filed between 45 and 90 days before the date when the relevant interest was paid. 

Penalties and Automatic Revocation

Filing a 990 series form after your deadline may lead to penalties. The IRS will impose a penalty of $20 / day late (for smaller organizations)  or $105 / day late (for larger organizations). The penalty can reach a maximum of $10,500 or 5% of the organization’s annual gross receipts.

Failing to file Form 990-N on time will not result in financial penalties, but the IRS will notify the organization of its failure to file. 

Further, if an organization fails to file a 990 return for three consecutive years, its tax-exempt status may be revoked

Is there an Extension to File 990?

Yes! If you need any extra time to complete your form, you have the option to request a 6-month extension on your form. The IRS does not require an explanation for the request, and the extension will be automatically granted upon filing.

Note: You will have to file Form 8868 on or before your original form’s deadline. 

Get a Headstart in Your 2023 Nonprofit Filing with Tax 990!

It’s a great idea to get ahead of your 990 filing deadline. You’ll avoid penalties and ensure an accurate and successful filing. 

Tax 990 now supports e-filing 990 series forms for the 2023 tax year, so you can get started today!

File your 2022 990 return with Tax 990.