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ExpressTaxExempt Blog

Tuesday, January 16, 2018

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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