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ExpressTaxExempt Blog

Monday, June 16, 2014

IRS Form 990 Deadline Today

The IRS deadlines keep on spinning. If your nonprofit organization falls under the Feb 1, 2013- Jan 31, 2014 tax period, then your IRS Form 990 is due TODAY! Don't worry, you can gain more time with a Form 8868 extension, Express990.com has got your covered. But first let's go over your options of the 990 series so you know exactly what to file.

Form 990-N is for smaller nonprofits with $50,000 or less in gross receipts. The 990-N is called and e-postcard and only takes a few minutes (if that) to complete and transmit to the IRS. You need to have some business information ready to go including: EIN, legal name & address, different names the organizations uses (if any), website (if any), name and address of Principal Officer, confirmation of $50,000 or less in gross receipts, and a statement the organization is going out of business (if applicable).

Form 990 is used by most organizations exempt from income tax under section 501(a). If your nonprofit has gross receipts greater than or equal to  $200,000 or total assets greater than or equal to $500,000 at the end of the tax year, the the Form 990 is for you. You can always extend your deadline with Form 8868, and we will be getting to that in just a moment.

Form 990-EZ is used by tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations to provide the IRS with the information required by section 6033. This form is for those exempt organizations with gross receipts less than $200,000 or total assets less than $500,00. You also have to option to extend the filing deadline for this return with Form 8868.

Form 990-PF is used to figure the tax based on investment income, and to report charitable distributions and activities. This form also serves as a substitute for section 4947(a)(1) nonexempt charitable trust's income tax return, Form 1041, U.S. Income Tax Return for Estates & Trusts, when the trust has no taxable income. Like the previous two 990 forms, the deadline to file Form 990-PF can also be extended with Form 8868.

Extending your deadline with Form 8868.
First things first, you can not use Form 8868 to extend the filing deadline of Form 990-N (e-postcard). But for the other forms in the 990 series, you have the option to extend your deadline. Express990.com provides Form 8868 "Application for Extension of Time to File an Exempt Organization Return" that can give you an automatic 3-month extension to file your Form 990, 990-EZ, 990-PF. Learn more...

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