Gear Up for the February 990 Deadline: Everything You Need to Know

Valentine’s Day may be over, but there’s one more commitment you can’t forget—Your 990 Return!

February 17 is here, and for many nonprofits, the deadline to file the 990 return is tomorrow. If you’re one among them, staying compliant with IRS requirements ensures your organization maintains its tax-exempt status.

In this blog, we’ll cover which organizations need to file their 990 returns by this deadline and how to complete the process before time runs out.

Who Needs to File a 990 in February?

If your organization meets the following criteria, your 990 return is due this month:

• Your fiscal year runs from October 1st to September 30th.
• You filed an IRS tax extension (Form 8868) on August 15, 2024, extending your deadline to this month.

If you’re unsure about your organization’s tax year, check your IRS determination letter for confirmation.

Choosing the Right 990 Form for Your Organization

With the deadline approaching, the first step is determining which 990 form you need to file. Let’s break it down:

• Form 990-N: The shortest form, suitable for small nonprofits with gross receipts of $50,000 or less.
• Form 990-EZ: Designed for organizations with gross receipts below $200,000 and total assets under $500,000.
• Form 990: The standard long-form return required for organizations with gross receipts over $200,000 or total assets exceeding $500,000. However, any nonprofit can file this form to enhance financial transparency.
• Form 990-PF: Required for private foundations detailing income, expenses, assets, and grants.
• Form 990-T: Necessary for organizations reporting unrelated business income (UBI) of $1,000 or more.

Navigate This Deadline Efficiently by E-filing With TAX990 Now!

Once you have your organization’s financial details ready, Tax990 simplifies the e-filing process with these key features:

• Choose between Direct-Form Entry or Interview-Style Filing.
• Built-in Internal Audit Checks following IRS Business Rules.
• Attach required 990 Schedules at no extra cost.
• Support for prior-year filings and 990 amendments.
• Get instant IRS notifications upon return acceptance or rejection.
• Correct and retransmit rejected returns at no additional charge.
• Use the ‘Reviewers and Approvers’ feature to share returns with board members for final approval.
• Our dedicated customer support team is available via phone, email, and live chat to guide you through the filing process.

Don’t wait—stay compliant by filing your 990 with Tax990 today!