Time is quickly winding down, and if you filed an Exempt Organization Extension Form back in May, it’s now time to file either your Form 990 or Form 990-EZ to the IRS. Honestly though, where has the time gone? It seems like just yesterday we had the entire summer season ahead of us with clear skies, hot temperatures, and a laundry list of summer plans. While warm temperatures may still linger for a bit longer, the year pushes forward–tax deadlines and all.
When filing for your August 15 deadline, make sure you file the appropriate 990 form for your organization.
- Form 990 (Long Form) – For tax-exempt organizations with gross receipts greater than or equal to $200,000 and total assets greater than or equal to $500,000.
- Form 990-EZ – For tax-exempt organizations with gross receipts less than $200,000 and total assets less than $500,000.
Filing the improper form for your tax-exempt organization could leave you burned (summer pun) with fees and penalties.
Another important step is to double-check your information. Yes, you just had three months for this, but there’s nothing wrong with a last minute look. Make sure the following is current and accurate:
- Organization’s Name and Address
- Employer Identification Number (EIN)
- Internal Revenue Code Subsection (Found in your determination letter from IRS)
Your organization, or any tax-exempt organization that files a Form 990 or 990-EZ, must fully complete Parts I through XII of the tax return. Otherwise, your chances for a rejected form will be at an all-time high, much like the heat index has been this season.
You also should know which schedules need to be filed along with your tax return. When you’re completing schedules,
- Carefully read the instructions for each required schedule
- Complete all applicable parts and lines
- Answer “yes” or “no” to each question (unless otherwise instructed for a particular question)
- Make an entry on all total lines including the number zero when appropriate
For last minute checks, makes sure that your form has a signature from a current officer of your organization. Also, there’s no need for you to include any personal information not required by the IRS on the return. By doing so, you could potentially set yourself up for identity theft.
Finally, if the summer season got the best of you, it’s possible for you to file a Part II of the Extension Form 8868 to receive an additional, non-automatic 3-month extension.
Whether you’re prepared to file your 990 form or need another extension, you can finish off the Summer in good standing by e-filing with Express990. Our service supports both the Form 990, 990-EZ, and the Extension Form Part II along with other tax return forms required for exempt organizations.
For professional assistance with e-filing any of our 990 forms, contact the live experts at our Rock Hill, South Carolina headquarters by phone (704-839-2321, Monday through Friday from 9am to 6pm EST), email (email@example.com), or live chat (www.expresstaxexempt.com).