Time is Running Out! Simplify your Last Minute 990 E-Filing with Tax 990 Today

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With the IRS deadline just two days away, you must file on time to remain compliant and avoid penalties. Tax990’s platform makes this process of last-minute filing quick and simple. Read on for key information you need to know before submitting your return.

Who Must File 

Typically, 990 forms are filed by any organization that has obtained tax-exempt status from the IRS. Tax-exempt status primarily depends on the purpose of the organization and the allocation of profits. Some tax-exempt organizations are exempt from filing. These organizations include:

• Churches
• Governmental entities
• Subordinate organizations included in a group return
• Certain state institutions

Remember to take into account that the May 15th deadline applies specifically to organizations that follow a calendar tax year. 

Which Forms to File 

The type of form that needs to be filled out is dependent on the financial activity of the organization. 

• If gross receipts are less than or equal to $50,000, organizations will need to complete the 990N or e-Postcard, if eligible. 
• If an organization has gross receipts less than 200,000 and total assets are less than $500,000, it will file the 990-EZ. or 990. 
• If gross receipts exceed or equal $200,00 (or) assets exceed or equal $500,000, the organization can file Form 990.
• Private foundations will need to fill out the 990-PF.
• If an organization has unrelated business income, it will file a 990-T.
• A Form 8868 is used to request an automatic 6-month extension of time to file its return.
• If an organization is operating in California, it will file a CA-199. 

Avoid Late Penalties

Late filing of your 990 can lead to IRS penalties,  which vary based on the organization’s gross receipts. According to the IRS, smaller organizations will receive a penalty of $25 a day (without exceeding $12,500 or 5% of gross receipts). Organizations with annual gross receipts exceeding $1,274,000 are subject to a penalty of $125 a day (with a maximum penalty for any one return of $63,500).

According to the IRS, “An organization that fails to file the required information return (Form 990, Form 990-EZ, or Form 990-PF) or e-Postcard (Form 990-N) for three consecutive tax years will automatically lose its tax-exempt status.” Overall, consistently filing on time is essential to maintaining compliance with the IRS and preserving your tax-exempt status. 

Tax990: A Fast and Reliable Way to File

Tax990 Commitment

The Tax990 Commitment delivers a stress-free filing experience by guaranteeing acceptance by the IRS. Our commitment includes a complementary extension with the purchase of a Form 990. We also offer no-cost amendments, which allow clients to file corrections up to three times at no additional cost. In other words, if your return gets rejected by the IRS, our support team is available to help you understand and resolve the issue. 

Form Preparation

We offer two filing methods to simplify the process: form-based filing and interview-based filing. Depending on which method is more convenient, these will make filing seamless. The form-based filing method closely resembles filing on paper. The areas to be filled out will be highlighted, and you will be provided with your required Schedules based on the answers to your previous questions. 

The interview-based filing method allows you to answer a series of questions to lead our system to generate your 990 form. We recommend this approach for those filing a 990 form for the first time. 

Tax990 Filing Methods
Form-Based	– This method allows you to enter the necessary information directly into the respective fields of your 990 form. – Based on the data entered, our system will automatically include the necessary Schedules. – If you are a CPA or previously used to file a 990 on paper, this method is recommended.
Interview-Based	Instead of entering data directly in the form, you can use this method to answer a series of questions and let our system generate your 990 forms based on that. The necessary Schedules will be automatically included based on your answers.  This method is recommended for first-time filers.

Validation and Review

Tax990’s internal audit system uses an advanced error-check system to audit your completed form before sending it to the IRS. Validation helps catch common errors like mismatched numbers, missing information, incorrect EINs, etc. This prevents errors or potential rejections, which can cause delays in your filing. 

Data Import

Even if your organization has filed elsewhere in previous years, Tax990 can copy last year’s Form 990, 990-EZ, and 990-PF. This decreases the time it takes to file drastically. Our system also offers a bulk upload feature to enter large amounts of data at once.

Conclusion

As the May 15th deadline approaches, there is no need to stress about last-minute filing. Tax990’s fast and user-friendly platform will help you file accurately and on time. If you need assistance, we offer multiple support options. You can reach us via chat, email, phone, or in person.  Click here for details. 

Time is running out to file your Form 990. File with confidence using our form today and meet the IRS deadline hassle-free!