3 Tips To Help You Prepare For Your Form 990 Deadline
With so much going on in the world, nonprofits are facing new challenges like never before. Providing essential service amid a pandemic, trying to find innovative ways to bring the performing arts to the virtual world, and the list goes on and on.
Here at ExpressTaxExempt, we commend you and your organization for all the hard work and innovation that you are spreading through your communities! We want to help out by providing some advice on our favorite topic, taxes of course!
The IRS has pushed back the IRS deadline for filing the Form 990 series to July 15, 2020, this is a great relief considering all the other stresses that tax exempt organizations are facing. However, don’t relax into thinking that the deadline is lightyears away, time flies when you’re procrastinating!
Here are our top three tips to help you meet your deadline and get tax filing off of your to-do list with as little stress as possible.
1- Prepared To File Now? Start Filing!
If you usually have a May 15 deadline, you would be filing your Form 990…today! Now, don’t panic, you don’t have to grab your computer and struggle to file in one day. The IRS did give you an additional two months. However, if you already have all of the financial information that you need to complete your Form 990, there is no need to wait.
Why prolong the inevitable tax filing until July when you can file now? You don’t have the pressure of a deadline looming over you, so why not take your time and complete your Form early? When you file with ExpressTaxExempt, you are able to share your Form 990 with board members and other key officials before IRS transmission. If you complete your Form 990 now, they will have plenty of time to review and provide you with any corrections. See? Peace of mind beats procrastination everytime!
2- Need The Extra Time? Be Proactive!
Your organization may usually have a deadline in June and you are still gathering the necessary information that you need to file, that is fine and totally understandable. You may even have a May deadline, but you are just not ready to begin filing, that is also totally fine. Just know that the ExpressTaxExempt team is ready to help you through the e-filing process when you choose to begin.
As there will be many more organizations than usual filing on July 15, 2020, this is something you should consider. The IRS will be busy processing tax returns from organizations that had a deadline in May, June, and July, so they may get backed up. Be sure to file electronically, this is easier for both your organization and the IRS, as they can process electronic Form 990s at a faster rate. If you paper file, it may take much longer to know the status of your Form 990.
3- Need Even More Additional Time? File An Extension!
The economy is experiencing changes like never before, that could heavily impact your organization as well. If you know that there is no way you will be prepared to file your Form 990 by July 15, 2020, that’s alright! The IRS has no problem with organizations filing an extension for a few additional months, as long as you do it properly. ExpressTaxExempt easily facilitates the filing process of the Extension Form 8868, you can complete it and transmit it to the IRS within minutes!
Ready to get your Form 990 out of the way and alleviate your stress? Get started today! Create your free ExpressTaxExempt account here!
