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ExpressTaxExempt Blog

Monday, May 18, 2015

What Happens If I Miss The 990 Filing Deadline?


So, the “15th day of the 5th month” deadline is quickly approaching. You realize that you won’t be able to file your Form 990 on time and decide to submit an Extension Form 8868 for a 3-month extension; however, those three months have come and gone and, for whatever reason, you still haven’t filed your Form 990. Before you know it, you miss the filing deadline and are probably wondering, “What happens now?”

If the filing deadline has passed, keep in mind that you can still file a Form 990. And, you very well should because, if not, you could incur a daily penalty charge for each day your return is late.

Late Filings, Penalties, & Fees
If your organization’s gross receipts are less than $1,000,000 for the tax year and you file a Form 990 or an Extension Form 8868 after the due date, without any cause for filing late, the IRS will charge a penalty of $20 per day for each day your return was late.
The maximum penalty won’t exceed $10,000 or 5% of your organization’s gross receipts, whichever amount is less.
If your organization’s gross receipts are greater than $1,000,000, the charge penalty will be $100 per day with a maximum of $50,000. Even with the penalty charges, if you fail to file a Form 990 for three consecutive years, your organization will lose its tax exempt status. 

It is very important to file the appropriate Form 990 on time. If you even slightly think you may have to file late, submit an Extension Form 8868 by the original deadline for a 3-month extension and to avoid penalty charges. Express990 supports each of these forms and makes filing quick and simple. Sign-up and get started with Express990.com.

For more information on extending your deadline, check out these blogs:


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