November marks a big deadline for 990 series forms. Tax-exempt organizations whose tax years run from July through June must file their 990 series form by November 15th. Additionally, organizations whose tax year runs on a calendar year but filed for a 6-month extension in May must file their forms by November 15th.
ExpressTaxExempt wants to help your organization meet your deadline and make your e-filing experience as convenient as possible. Keep reading to learn more about 990 series deadlines, information about penalties, and how to get started filing your form.
What is the 990 series?
The 990 series forms are the annual IRS-mandated tax return forms that tax-exempt organizations must file. There is a variety of 990 series forms, each meant for different types of organizations or the financial status of an organization. ExpressTaxExempt currently supports the following:
Form 990: Intended for larger organizations with $200,000 or more in gross receipts
Form 990-N: Intended for smaller organizations with $50,000 or less in gross receipts
Form 990-EZ: Intended for medium-sized organizations with more than $50,000 but less than $200,000 in gross receipts
Form 990-T: Intended for organizations who file Form 990, 990-N or 990-EZ and have a gross income of $1,000 or more from unrelated businesses during their tax year
Form 8868: Intended for organizations who need a 6-month extension on their forms
Form 8038-CP: Intended for issuers to claim payments from the federal government
CA Form 199: State-specific tax-exempt form for organizations in California
1120-POL: Intended for organizations with political organization taxable income exceeding $100 for the tax year
How are deadlines determined?
Most 990 series forms are due on the 15th day of the 5th month after your tax year has ended. This includes Form 990, Form 990-N, Form 990-EZ, Form 990-PF, and CA Form 199.
Form 990-T is due by the 15th day of the 4th month after the tax year ends for employee trusts. For other trusts, the deadline is the 15th day of the 5th month after the tax year ends.
Form 8868 is due before the deadline of the form you’re filing for an extension for.
The deadline for Form 8038-CP is dependent upon bond rates. The form filed for fixed bond rates must be filed no later than 45 days and no earlier than 90 days before the relevant interest payment date. A form filed for variable bond rates can be filed within the same timeline when the issuer knows the interest payment amount 45 days prior to the interest payment date.
Form 1120-POL is due before the 15th day of the 4th month after the tax year ends.
What is the penalty for late forms?
If you fail to file your Form 990, 990-EZ, 990-PF, or 990-T before the due date, you may be fined $20 per day past the due date or $105 per day for larger organizations. The penalty amount can reach a maximum of $10,500 or 5% of the organization’s annual gross receipts. The same penalty may be imposed for a failure to provide correct information on your form.
If you fail to file Form 990-N by the due date, you may not be fined, but the IRS will send a reminder to file your form. If your organization fails to file for 3 consecutive years, the tax-exemption status will be revoked.
Failure to file Form 1120-POL on time may result in an additional fine equal to 5% of the tax due for each month the return is late, but this penalty cannot exceed 25% of the total tax due. If you file more than 60 days late, you will be required to pay a fine of $135 or the remaining tax due, whichever is smaller.
California may impose a penalty of $5 per month CA Form 199 is late. The penalty maxes out at $40.
How to get started
ExpressTaxExempt makes getting started less painful. All you have to do is create a free account and start filing. With a wide range of helpful tools, we’re here to help you every step of the way. Take advantage of these special features with ExpressTaxExempt:
Supports and auto generates most 990 series Schedules
Live customer support via phone, email, and chat
Step-by-step guides and instructions
Form-based or interview-style filing options
Internal audit checks for IRS instruction errors
Cloud-based software which saves and secures your information
Worksheet records with appropriate filing details
Copy information from previous returns filed with us
Amend returns when needed
Re-transmit rejected forms for free
Unlimited filing for tax professionals
Real-time status updates
If you still need help or want to learn more, you can visit our knowledge base full of FAQs, YouTube page, blog, or webinar page complete with previous webinars and frequent new webinars.
ExpressTaxExempt has everything you need to e-file your form and more. It’s always helpful to get ahead of your deadline, so don’t wait! Get started today at ExpressTaxExempt.com!