Calling all tax-exempt organizations! The June 15th, 2023 990 series return deadline is next week! Tax 990 is here to help your organization file your return on time and remain tax-compliant.
Below we’ve listed some important reminders to help your organization file your 990 return seamlessly!
File on Time!
Form 990 series returns are typically due on the 15th day of the 5th month following the end of the organization’s taxable year.
Organizations that have a June 15th filing deadline include:
- Organizations whose tax year runs from February 1st through January 31st
- Organizations with a tax year ending in July that filed an 8868 extension for their Form 990 deadline (December 15th, 2022)
Organizations with a June 15th deadline should file their returns by midnight that day. If you file late, you may be subject to penalties from the IRS.
Select the Correct Form!
Most tax-exempt organizations are required to file a 990 Series Form. Which form an organization must file generally depends on its financial activity and gross receipts.
- Form 990-N: Filed by organizations with gross receipts of less than or equal to $50,000.
- Form 990-EZ: Filed by organizations with gross receipts less than $200,000 and assets less than $500,000.
- Form 990: Filed by organizations with gross receipts greater than or equal to $200,000 (or) assets greater than or equal to $500,000.
- Form 990-PF: Filed by private foundations to determine tax based on investment income and to report charitable distributions/activities.
- Form 990-T: Filed by organizations that filed Form 990 or 990-EZ and also have an unrelated business income of $1000 or more during the tax year.
Gather the Necessary Information!
To complete a Form 990 return, you’ll need to have your organization’s identification information readily available. This includes your employer identification number, organization name, address, and mission statement. You also need to provide information regarding your organization’s program service accomplishments, officers, directors, trustees, and key employees.
Additionally, you must provide your financial information and activities when you file a 990 series return. Be ready to report all your revenue, expenses, and assets.
Request an Extension!
If your organization needs additional time to file your Form 990 return by the deadline, you can easily file an Extension Form 8868 with Tax990! Nonprofit organizations can file Form 8868 once per year to request an automatic 6-month extension for their Form 990 deadline.
Note: Form 8868 cannot be used with Form 990-N.
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