Tax season brings its own set of challenges, especially for nonprofit organizations tasked with filing their annual 990 Series returns. But fear not, because Tax990 is here to revolutionize the process, making compliance with the IRS easier and more efficient than ever before.
Which Organizations have a 990 Deadline this Month?
Following are the organizations that should be prepared for the 990 deadline this month.
- The organizations that have an accounting period beginning on November 1st and ending on October 31st.
- The organizations that filed an IRS tax extension Form 8868 to extend a 990 deadline on September 15, 2023.
Form 990 Series – A Quick Recap
There are different variants of the 990 form available and the organization must choose and file the one that is applicable to them based on their gross receipts, assets, and the way they are funded.
- Form 990-N: Applicable to small nonprofits with gross receipts of $50,000 or less.
- Form 990-EZ: Applicable to organizations with gross receipts below $200,000 and total assets less than $500,000.
- Form 990: Applicable to organizations with annual gross receipts equalling or surpassing $200,000 (or) total assets equalling or exceeding $500,000.
- Form 990-PF: Applicable only to organizations that are classified as private foundations.
- Form 990-T: This is a supporting form that the organization may need to file if the unrelated business income (UBI) is $1,000 or more.
IRS Shutdown and Impacted Nonprofit Tax Forms
The IRS currently doesn’t accept the e-filing of certain tax forms that are typically filed by nonprofits, as they have shut down their e-filing system for maintenance. The forms impacted by this shutdown are Form 990-T, 1120-POL, and 8868.
- The organizations that need to file an extension Form 8868 (or) 1120-POL, can complete and mail the form to the IRS.
- The organizations who are required to file Form 990-T can file an extension Form 8868 on paper and send it to the IRS. If they have already filed an extension and this March 15th is their extended deadline, then they should wait until the IRS e-file system re-opens on March 18, 2024, and file their return with a reasonable cause.
Despite the shutdown, making any required tax payments promptly is crucial to prevent the imposition of penalties or interest.
Navigating the Complexity of 990 Returns with Tax990
Tax990 is the ultimate solution for simplifying the complex task of filing 990 Series returns. The IRS-authorized e-file provider is here to simplify your 990 filing with boundless helpful features.
Seamless Filing Experience
One of the standout features of Tax990 is its intuitive interface, offering both direct-form entry and interview-style filing options. This flexibility ensures that regardless of your familiarity with tax forms, you can navigate the process with ease. But Tax990 doesn’t stop there – with internal audit checks and included 990 schedules in the filing fee, you can file confidently, knowing that your return is accurate and compliant. And with instant IRS notifications on return status, you’ll have peace of mind throughout the entire process.
Comprehensive Solutions for Nonprofit Tax Filing
Tax990 isn’t just a one-trick wonder – it’s a comprehensive solution for all your nonprofit tax filing needs. Whether you’re looking to file prior year returns, amend a 990, or transfer data in bulk, Tax990 has you covered. With secure multi-user access, it’s the perfect tool for both tax-exempt organizations and tax professionals alike.
Get Started with Tax990 Today!
Ready to streamline your nonprofit tax filing process? It’s as easy as creating a free account at www.Tax990.com. Whether you’re a seasoned pro or a newcomer to the world of nonprofit tax compliance, Tax990 is your ticket to a smoother, more efficient filing experience.
Don’t let tax season stress you out – let Tax990 handle the heavy lifting so you can get back to doing what you do best: making a difference in your community.
