May marks a big deadline for 990 series forms. Yes! Tax-exempt organizations whose tax years run from January through December (a calendar tax year) must file their 990 series form by May 15th.
Additionally, organizations whose tax year runs on a fiscal tax year that ends in June but filed for a 6-month extension must also file their 990 forms by May 15th.
Tax 990 is always here to help your organization meet your deadline and make your e-filing experience as convenient as possible. Keep reading to learn more about 990 deadlines, information about penalties, and how to get started filing your form.
Which Form Should I File?
There are a variety of 990 series forms, each meant for different types of organizations. Tax 990 currently supports the following:
- Form 990: Intended for larger organizations with $200,000 or more in gross receipts
- Form 990-N: Intended for smaller organizations with $50,000 or less in gross receipts
- Form 990-EZ: Intended for medium-sized organizations with more than $50,000 but less than $200,000 in gross receipts
- Form 990-PF: Intended for private foundations
- Form 990-T: Intended for organizations who file Form 990, 990-N, or 990-EZ and have a gross income of $1,000 or more from unrelated businesses during their tax year
What is the Penalty for failing to file Form 990 on time?
If you fail to file your organization’s 990 forms on or before the due date, you may be fined $20 per day past the due date (if your organization’s gross receipts are < $1,129,000) or $110 per day (if your organization’s gross receipts are > $1,129,000).
The same penalty may be imposed for a failure to provide correct information on your form.
If you fail to file Form 990-N by the due date, you will not be fined, but the IRS will send a reminder to file your form. If your organization fails to file for 3 consecutive years, the tax-exemption status will be revoked.
Learn more by clicking here.
How do I Request an Extension for the 990 Deadline?
If you haven’t already filed an extension of time for your 990 return for the 2022 tax year, then you have the option to file Form 8868 and extend your 990 deadline by up to 6 months.
This extension is automatic, and the IRS doesn’t require you to provide any reason for requesting an extension.
What are the Other Forms Due on May 15?
Apart from the federal 990 forms, the nonprofit organizations that obtained tax-exempt status from the California state may be required to file California Form 199 annually. The deadline for filing this form is also May 15 for organizations operating in a calendar year.
Tax 990 also supports the e-filing of California Form 199 as well.
Remember, California will impose a penalty of $5 per month if the CA Form 199 is filed late. The penalty maxes out at $40.
Get Started with Tax 990 and Meet Your Deadline Easily!
Tax 990 simplifies the 990 e-filing process significantly. All you have to do is create a free account and start filing. With a wide range of helpful tools, we’re here to help you every step of the way. Take advantage of these special features with Tax 990!
- We support and auto generates most 990 series Schedules
- We offer live customer support via phone, email, and chat
- Step-by-step guides and instructions
- Form-based or interview-style filing options
- Internal audit checks for IRS instruction errors
- Our Cloud-based software saves your information securely
- Copy information from the previous returns you’ve filed with us
- Amend returns when needed
- Re-transmit rejected forms for free
- Unlimited filing for tax professionals
- Real-time status updates from the IRS
For more information on all things 990, you can visit our knowledge base full of FAQs, a YouTube page, a blog, or our webinar page complete with previous webinars and frequent new webinars.
Tax 990 has everything you need to e-file your form and more. It’s always helpful to get ahead of your deadline, so don’t wait! Get started today at Tax990.com!