Calling all tax-exempt organizations with fiscal years ending in February! The July 17th, 2023, 990 series return deadline is nearing! 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!
Which Organizations Should be Ready for this Deadline?
- As mentioned earlier, the Form 990 deadline coming up this July 17th is for organizations whose accounting period starts in March and ends in February.
- Also, the organizations that filed an extension for their 990 deadline on January 16, 2023, should file their 990 return by July 17th.
Prepared To File? Get Started Now!
If you already have all of the financial information that you need to complete your nonprofit tax returns, there’s no need to wait! With the deadline approaching, time is of the essence.
When you file with Tax990, you are able to share your 990 Form with board members and other key officials before IRS transmission. This tool is great for keeping your board members on the same page and will help them sign off on your Form 990 in much less time!
Choose the Right 990 Form!
Though most tax-exempt organizations are, as the name suggests, exempt from paying taxes, they still must report certain information to the IRS annually in order to stay compliant. This is done by filing a 990 Series Form. Depending on a few factors–namely gross receipts/assets–your organization will choose the corresponding form.
- Form 990-N: For the smallest of nonprofit organizations, with gross receipts of $50,000 or less. This form is also known as an e-postcard and can be completed in minutes.
- Form 990-EZ: For small nonprofits and tax-exempt organizations with gross receipts less than $200,000 and total assets less than $500,000.
- Form 990: If your organization has gross receipts of $200,000 or more (or) total assets of $500,000 or more, meet your July 17 deadline by e-filing Form 990. This form is the longest of the 990 series forms and will provide the IRS with a complete picture of your organization’s finances, governing officers, and activities. Some smaller organizations will choose to file the long form to provide more detailed information that will help secure grants.
- Form 990-PF: Private foundations, regardless of financial status, are required to e-file Form 990-PF. This allows organizations to report charitable distributions, and activities, and calculate taxes based on investment income.
- Form 990-T: Filed by organizations to report $1,000 or more in unrelated business income and tax liabilities.
With Tax990, the Schedules and attachment forms needed are available and added automatically based on the data provided on your 990 form.
Need Additional Time? File An Extension!
If your organization needs additional time to file your 990 return by the deadline, you can file an Extension Form 8868 with Tax990. Nonprofit organizations can file Form 8868 once per year to request up to a 6-month deadline extension for their 990 return.
This extension is automatic, which means as long as you file it before the organization’s deadline and complete the form correctly, the IRS will accept it.
Please note that your organization can not file an 8868 extension for Form 990-N.
Ready to get your Form 990 out of the way and alleviate your stress? Get started today! Create your free Tax990 account here!