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ExpressTaxExempt Blog

What Every Nonprofit Needs To Know About Form 1099-MISC


Did you know that as a nonprofit organization, you are responsible for issuing 1099 information forms just like a business? 

It’s true! Nonprofits who have paid $600 or more during the year to a non-employee for services must file and provide a 1099-MISC Form by the January 31 IRS filing deadline. Non-employee payments include fees that are paid to temporary services, consultants, performers, etc.

Helping your organization remain in compliance with the IRS, ExpressTaxExempt has gathered some very informative details regarding Form 1099-MISC that are beneficial to your organization.
 

Everything You Need To Know About Form 1099-MISC

Form 1099-MISC is used to report payments for services performed for a business by people not treated as its employees and includes miscellaneous income such as payments made to subcontractors wages, rental payments, prizes, awards, or substitute payments in lieu of dividends.

When is Form 1099-MISC Due?

You have until January 31 to file Form 1099-MISC and provide a copy to the recipient. Other deadlines for 1099-MISC include:
  • Paper file with the IRS by February 28, 2018
  • E-file with the IRS by April 2, 2018

What Information Do I Need to Complete Form 1099-MISC?

The following information is required to e-file Form 1099-MISC:
  • Payer Details: Name, EIN, and Address
  • Recipient Details: Name, EIN/Social Security, and Address
  • Federal Details: Miscellaneous Incomes and Federal Tax Withheld
  • State Filing Details: State Income, Payer State Number, and State Tax Withheld

Where Should I File Form 1099-MISC?

The best way to file Form 1099-MISC is through our sister product, TaxBandits! When you file with TaxBandits, you won’t miss the deadline! They provide all the 1099 tax returns you need online along with step-by-step e-filing instructions so you can instantly complete your returns and transmit them directly to the IRS. 

How Do I File Form 1099-MISC with TaxBandits?

Filing your 1099-MISC Form with TaxBandits is quite simple. Follow these steps and your Form will be completed in no time!
  1. Create or sign in to your TaxBandits account
  2. Select "Form 1099-MISC"
  3. Enter payer details (name, EIN, address)
  4. Enter recipient details (name, SSN/EIN, address)
  5. Enter federal details for miscellaneous income
  6. Enter state information and state taxes withheld for each applicable state
  7. Choose for form to be mailed to recipient
  8. Review, pay and transmit return directly to the IRS

Can I Make Corrections to My Form After Filing?

If a 1099-MISC Form is rejected due to errors or incorrect information being filed, our service allows you to file a new form correcting the 1099-MISC errors immediately. Simply refile the form and use the provided indicators to make the necessary corrections through our comprehensive software. 

What Happens if I Submit Form 1099-MISC late?

A penalty will be enforced if you fail to file Form 1099-MISC by the filing deadline. Penalties will also be given if you fail to include all required information, if the return contains incorrect information, or if the Form is filed on paper when it is required to be filed electronically.

Penalty amounts range from $30 to $1,500,000 and are based on the size of the organization and the date on which the form is filed.

We’re Here To Help


As always, ExpressTaxExempt is here to help your organization in any way that we can. Contact our U.S. - based support team for any other questions or concerns about filing Form 1099-MISC - we’re available at 704.839.2321, Monday through Friday from 9 a.m. to 6 p.m. EST or send a message at your convenience with support@ExpressTaxExempt.com.

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Final Day to Meet the January 15 Deadline


Can you believe that we’re already halfway through the first month of 2018? Although it seems like we were just watching the ball drop a couple of days ago, January is quickly passing us by and the first Form 990 filing deadline is here!

Does My Organization Need To File Today?


While all exempt organizations must file Form 990 annually, only organizations whose tax year ENDED on August 31 or organizations that had a tax year which ended on February 28/29 with an original filing deadline of July 15 but filed a 6 month extension must file today. 

Typically, Form 990 deadlines fall on the 15th of each month, however, due to the MLK Day holiday being on January 15, filers received an additional 24 hours to submit their Form 990 by Tuesday, January 16.

Which 990 Form Should I File?


The “Golden Question!” Here are the four types of 990 Forms that can be filed. Simply select the form that best matches the financial status of your organization:

Form 990 - filed by organizations with gross receipts more than or equal to $200,000 or total assets equal to or greater than $500,000.

Form 990-EZ - The Short Form Return of Organization Exempt From Income Tax and is filed by organizations with gross receipts less than $200,000 and $500,000 in total assets.

Form 990-N - for organizations with gross receipts that are less than or equal to $50,000. This form can only be filed electronically. 

Form 990-PF - filed by Exempt & Taxable Private Foundations as well as Non-Exempt Charitable Trusts which the IRS treat as private foundations.

What Happens If I File Form 990 Late?


If you’re required to e-file Form 990-N (e-Postcard), there aren’t really any immediate penalties for filing late. Just be sure to get it in as soon as you can if you realize a little too late that you’ve missed the deadline. Keep in mind, though, that if you go more than three consecutive years without e-filing a 990-N (or any 990 form), your tax-exempt status will be automatically revoked by the IRS and you’ll need to apply again for it.

However, if you have to file the 990 Long Form, Form 990-EZ, or Form 990-PF, the IRS does impose penalties for filing your form late. You may be able to get out of these penalties if the organization can provide reasonable cause for why the 990 Form was filed late. If not though, the IRS will charge you $20 for each day the return is late, with the maximum penalty being $10,000 or 5% of your organization’s gross receipts, whichever is less.

And that’s just if your organization earned fewer than $1,000,000 in gross receipts for the tax year you’re reporting. If your organization had gross receipts of more than $1 million, the penalty increases to $100 per day late, with a maximum penalty of $50,000.

Can I File For an Extension?

If you file Form 990-N, no. But that’s just because it’s so easy: all you do is confirm your organization’s identifying information (name, EIN, address), confirm you made fewer than $50,000 in gross receipts by checking a box, and e-file.

If you file Form 990, 990-EZ, or 990-PF, yes! You can use Form 8868 to get an automatic 6-month extension of time to file your 990 Form.

ExpressTaxExempt Is Here To Help!


If your organization is required to file by the January 15/16 deadline, you can quickly complete your Form 990 right now with ExpressTaxExempt! We provide the most hassle-free and simple way to instantly file Form 990 and transmit it directly to the IRS. 

If you need any assistance while filing, just give our US-based team of experts a call. We’re here for you Monday - Friday from 9 AM to 6 PM EST at 704.839.2321. You can also reach us via live chat and through our 24/7 email support at support@ExpressTaxExempt.com and we’ll help however we can!
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Maintain Your Exempt Status with the January 15 Deadline


The New Year has come and many nonprofit organizations have kicked off 2018 with a great start. 

As you begin to carry out the work of your organization to make a difference in the communities you serve, we want to ensure that you’re aware of an upcoming filing deadline that may greatly affect the tax exempt status of your organization. 

Form 990 Deadline


Tax exempt organizations are required to file a 990 Form annually to maintain their tax exempt status with the IRS. 

The deadline to e-file Form 990 Series varies and is dependent upon the calendar or fiscal tax year in which the organization operates. 

Organizations that operate on a calendar tax year (January - December) have an annual filing deadline of May 15. Fiscal tax year organizations whose tax year consists of 12 consecutive months and ends any month besides December, have a deadline on a different month. 

Is My Form Due on the January 15th?


There are two types of organizations that must file by the January 15 deadline:

  • Organizations whose tax year ENDED on August 31, or 
  • Organizations that had a tax year which ended on February 28/29 with an original filing of July 15 but filed a 6 month extension. 
Due to January 15 being a legal holiday (MLK Day), 990 Forms for organizations can be filed up until Tuesday, January 16. 

Which Form Do I File?


There's nothing worse than being stressed out while filing and not knowing exactly which form to file for your organization. 

ExpressTaxExempt eliminates the worry about missing your Form 990 filing deadline or filing the incorrect form by providing you with all of the tools and forms that you’ll need to file properly. 


Form 990 Series

Form 990 is filed by organizations with gross receipts more than or equal to $200,000 or total assets equal to or greater than $500,000.

Form 990-EZ is the Short Form Return of Organization Exempt From Income Tax and is filed by organizations with gross receipts less than $200,000 and $500,000 in total assets.

Form 990-N is for organizations with gross receipts that are less than or equal to $50,000. This form can only be filed electronically.

Form 990-PF is filed by Exempt & Taxable Private Foundations as well as Non-Exempt Charitable Trusts which the IRS treat as private foundations. 

Easy Filing with ExpressTaxExempt


ExpressTaxExempt offers easy e-filing for Form 990 Series returns (Form 990, Form 990-N (e-Postcard), Form 990-EZ, and Form 990-PF) so you can quickly file the correct 990 Form for your organization. 

Follow the simple step-by-step guide to create your free account, enter basic information about your organization, complete the form interview, review your information and audit report, pay for your form, and transmit it directly to the IRS. The entire process is completed in 5 simple steps! 

Let Us Help You File


If you have any questions, feel free to contact our support team of e-file experts at 704.839.2321 for any questions or help with your e-filing experience. We’re available Monday through Friday from 9 a.m. to 6 p.m. EST. You can also reach us 24/7 via email at support@ExpressTaxExempt.com.

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5 New Year's Resolutions for Tax Exempt Organizations


As we continue to make effective plans for an awesome 2018 work year, we wanted to share some New Year’s Resolutions with you that could greatly benefit your nonprofit organization. 

New Year’s Resolutions


1) Better Money Management

Gaining necessary funds to adequately run your nonprofit organization can be a challenge. Make every effort you can to closely manage the funds of your organization to maximize its usage and allocate accordingly for the fiscal year. 

2) Increase Your Social Media Presence

The world that we live in today is extremely driven by social media. Take advantage of this easy, free, and trendy method of communication! Having your nonprofit active on social media can increase your audience and interact with current and potential donors, supporters, and volunteers more frequently. 

Social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and Reddit are great to use. YouTube is also another way to promote your organization and its activities.

3) Revamp Your Organization’s Correspondence

This is actually one of the easiest resolutions to tackle. Instead of sending out the same generic correspondence each year, simply create something new! Rewrite your “thank you message,” website content, etc., to attract the attention of the reader. 

4) Redefine Your Target Audience 

In your upcoming team/staff meeting, take a few moments to analyze the mission of your organization and determine which audience(s) you should target this year. 

Having more than one target audience is okay!

5) Become Mobile-Friendly

With 9 of 10 American adults owning a mobile phone of some kind, it is extremely important that your website is mobile-friendly.

Mobile-friendly sites are very effective and useful for informing others about your organization and increasing online donations.

You Can Do It

While New Year’s resolutions require effort and dedication, these 5 resolutions can easily be accomplished by your organization during 2018. As always, the ExpressTaxExempt team is here to help you as much as possible. 

We’re just a phone call, email, or chat away if you ever have any questions or need assistance during any part of the e-filing process. 

Feel free to contact our support team of e-file experts at 704.839.2321, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also reach us 24/7 via email with support@ExpressTaxExempt.com.
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Need Further Help? Contact Us

Our live support specialists in Rock Hill, SC are always ready to offer professional service and assistance.

704.839.2321

Frequently Asked Questions

Find answers related to e-filing IRS Form 990, 990-EZ, 990-PF, 990-N (e-Postcard), Form 1120-POL and Extension Form 8868 with our Frequently Asked Questions.

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