Monday is always a busy day, it’s the start of a new work week. But if you are operating a tax-exempt organization following a calendar tax year, this Monday is going to be even busier!
Today (May 15, 2023) is the most significant Form 990 deadline of the year. This deadline applies to,
- Tax-exempt organizations following the calendar tax year that ended on December 31, 2022.
- Tax-exempt organizations whose tax year ended on November 30, 2022, and have filed an 8868 extension.
Additionally, today is the deadline for organizations that obtained tax exemption from the State of California to file their CA Form 199 return. Here is a quick checklist for you to meet your deadline with Tax990.
Figure out the right 990 Return for your Organization
First, you must choose the right 990 form for your organization. As you may know, there are different forms available in the 990 Series, and it’s important that you understand the requirements and eligibility to file each of those forms and choose accordingly.
- Form 990-N – You can choose this if your organization’s gross receipts are less than or equal to $50,000.
- Form 990-EZ – You can choose this if your organization’s gross receipts are less than $200,000 and assets are less than $500,000.
- Form 990 – You can choose this if your organization’s gross receipts are greater than or equal to $200,000 (or) assets less than or equal to $500,000.
- Form 990-PF – You can choose this if your organization is a private foundation.
- Form 990-T – You can choose this if you file Form 990, 990-EZ or 990-PF and have an unrelated business income of $1000 or more.
Apart from these, if your organization is operating in California state, you may be required to file CA Form 199 with the Franchise Tax Board (FTB). Check out our recent blog for more information regarding CA Form 199.
Have all the Information Ready
When you are filing your Form 990 at the last minute, it’s essential that you have all the information required available when you sit down to begin filing.
Having all the financial information for your organization on hand is a must. There are some calculations required on 990 Forms, therefore not having the revenue, assets, expenses, and liability information nearby will slow you down. Once you have all this information on hand, here are your next steps!
Create Your Tax990 Account
Once you have all the required information, you can create your Tax 990 account for free. It’s an easy process, and in minutes you will have your account set up and ready to go!
After creating your account, you can add your organization details in one of two ways. You can enter your EIN and have our system automatically pull up your organization details from the IRS database. Or, you can add all the required details manually.
Complete and Review Your Form for any Errors
After adding your organization, you can start filing your 990 return instantly. There are two methods of form preparation available (Form-Based and Interview-style), you can choose the one you prefer.
Tax990’s step-by-step guidance will help you throughout the filing process. If you have any questions along the way, don’t hesitate to reach out to our support team via phone, email, and live chat. We are working extended hours today to help our clients with the last-minute filing rush.
Once the form is prepared, let our internal audit system perform the audit process. If there are any errors identified, you can fix them before transmitting the form.
Apply for an Extension if Needed!
Last but not the least! You may realize that you need more time to prepare your 990 return, if that’s the case, you can file Form 8868 on or before the deadline (if you haven’t filed one earlier for this tax year). An extension can be filed for any 990 return, except for Form 990-N.
This extension is automatic and you are not required to provide an explanation for requesting more time. With the package pricing from Tax990, you can pay for your 990 return upfront and get your extension for Free, maximizing your filing time and savings!
Ready to file your 990 Form?