March has begun, and every tax-exempt organization knows what that means. It’s time to start filing 990 forms! It’s always important to stay aware of 990 deadlines. The next 990 deadline is March 15th, 2023.
Who Should File by March 15th?
Organizations that must file Form 990 by March 15th include
- Organizations with a tax year starting in November and ending in October
- Organizations whose original 990 deadline was September 15th but filed for a 6-month extension using Form 8868
If this applies to you, it’s time to start filing!
Which Form Should I File?
There are multiple versions of Form 990 designed for different types and sizes of organizations. Choosing the right form is the most important part of filing your 990. Here’s a quick overview of each form.
- If your organization’s gross receipts are less than or equal to $50,000, file Form 990-N.
- If your organization’s gross receipts are less than $200,000 and assets are less than $500,000, file Form 990-EZ.
- If your organization’s gross receipts are equal to or greater than $200,000 (or) assets equal to or greater than $500,000, file Form 990.
- If your organization is a private foundation, file Form 990-PF.
- If your organization generates $1,000 or more in unrelated business income, you would qualify to file Form 990-T along with your Form 990-EZ or 990 or 990-PF.
What if I miss my deadline?
If you miss your Form 990 deadline, you may face IRS penalties!
Form 990 penalties will come to $20 per day for smaller organizations and $110 per day for larger organizations. Form 990-N is not subject to penalties, but organizations that fail to file will be sent a reminder notice.
If you fail to file for 3 consecutive years, your organization’s tax-exempt status will be revoked. If you need more time to file, you can file Form 8868 and get an automatic 6-month extension on your 990 forms (if you haven’t got an extension already for the same tax year).
What information do I need to file?
It’s very helpful to keep your organization’s information handy while you file your form. Before you begin, gather the following information.
- Organization’s name, EIN, and address
- Financial information such as revenue, expenses, assets, and liabilities
- Program service accomplishments
- Other IRS filings and tax compliance requirements
- Key personnel, governing body, and management details
Tax990 Can Help You Meet Your deadline!
Tax 990 aims to simplify your 990 filings. Our exclusive features help to reduce the complexity and time spent on filing. We’ll send reminders of your deadline and notifications of your form’s status after you transmit it to the IRS.
We automatically include 990 schedules for free when required. Our system will include the Schedules onto your form based on the information you provide.
You can upload contributions and grant details in bulk using our provided Excel template to avoid painstakingly entering details one by one. Clients who have filed with us previously can also copy certain information from their previous returns onto their current returns.
We also have an internal audit check system that checks your form for IRS instruction errors and notifies you before you transmit it to the IRS.
If you provide incorrect or incomplete information, you can file an amended return with us after the original form has been accepted. If your form is rejected for any reason, you can fix the errors and re-transmit them to the IRS for free.
Don’t wait, get started now at Tax990.com!