Filing a 990 series return? Here’s Some Last-Minute Filing Tips!
The November 15th 990 series deadline is only 6 business days away! Although the deadline is right around the corner, organizations still have time to file their return with ExpressTaxExempt.
Nonprofit and tax-exempt organizations are now required to file IRS 990 returns electronically. This recent change is outlined in the 2019 Taxpayer’s First Act and affects tax-exempt organizations in tax years beginning after July 1, 2019. So, all organizations with a November 15th 990 series deadline will need to e-file their return.
When filing a Form 990 series return, it can be easy to make a mistake or forget to include something. However, when you file with an IRS authorized e-filing provider like ExpressTaxExempt, you can dramatically reduce the risk of mistakes.
If your organization has not started filing your return yet, ExpressTaxExempt is here to help! Below we’ve listed some critical information to keep in mind when filing your return:
Enter the Correct EIN
The IRS will use your Employer Identification Number (EIN) to identify your organization. If your EIN is incorrect, the IRS will not be able to connect the return to your organization. Thus, ensuring it is accurate is crucial.
Also, while your organization’s identification information may seem like a no-brainer, making a minor mistake while completing this information is not uncommon. You should ensure that your organization’s name, address, tax-exempt status, and group exemption number are correct. All of this information should reflect what the IRS has on record for your organization.
File a Complete Return
When filing a nonprofit tax return, an empty field is the same as an incorrect field. If you do not complete all of the necessary information on your return, the IRS will reject it. So, when you’re filing your return, it’s important to be very meticulous and make sure to complete all of the data-entry fields and include all of the generated schedules.
When you file with ExpressTaxExempt, all of your required schedules will be generated automatically based on the information you provide.
Review Your Form
Nonprofit 990 forms contain a lot of information. It is important to review your form for accuracy before you transmit it to the IRS.
When reviewing your form, you should ensure that your organization’s identification and financial details are correct. It is also important to review your responses regarding your organization’s mission and accomplishments.
In addition, 990 series returns are available to the public, which means people such as reporters, potential donors, and charity regulators may be viewing your return. Thus, you will want to make sure you use your return to educate people about your organization and highlight your accomplishments thoroughly.
If you want more assistance or a second eye to review your return with ExpressTaxExempt, you can! With ExpressTaxExempt, you can add and manage staff members to assist you with filing. You can also invite account users to review and approve your return before submitting it to the IRS. Having multiple people review your return is an excellent way to ensure the information on your return is correct and ready to be submitted.
Get Support
Filing 990 series returns can be tedious. Therefore, having some assistance when filing your return is always helpful!
ExpressTaxExempt’s support team is available via phone, email, and live chat to assist organizations during filing and answer any questions they may have. When filing your return, you will be guided through the process with helpful prompts and step-by-step instructions.
Authorized Signature
IRS Form 990 series returns must contain an authorized signature. The signee must be someone who is authorized to sign the return, such as the president, vice president, treasurer, assistant treasurer, chief accounting officer, or by any other corporate officer (such as a tax officer)
File Form 8868
If it’s come down to the last minute and you know your organization won’t be able to make the deadline on time, you have another option! Don’t risk filing an incomplete return or missing your deadline and getting penalized by the IRS. Instead, you can file Form 8868 to request an extension.
When filing Form 8868, your organization is requesting to receive a 6-month deadline extension on your 990 series return. Therefore, you need to file Form 8868 on or before your Form 990 deadline. This extension is available for all 990 series forms except 990-N.
If your organization has already filed a Form 8868 and your deadline is November 15th, you cannot file another 8868 to extend this deadline.
ExpressTaxExempt
Don’t wait until the last minute! File your 990 series form with ExpressTaxExempt before November 15th, 2021, and meet your IRS deadline easily! If your return is rejected, you can retransmit it with ExpressTaxExempt for free.
