Tomorrow is your Form 990 due date! But before you file it is important to know which 990 tax form is required by the IRS. File Form 990 based on the financial status of your organization before tomorrow’s deadline!
IRS Form 990 and IRS Form 990-N (e-Postcard) are the most confused forms. If you are responsible for filing your nonprofit’s tax return, you need to know that which form is required by your tax-exempt organization. Today we will dig deeper into how never to mistake IRS Form 990 and Form 990-N again.
How To Never Mistake IRS Form 990 and Form 990-N Again
To make a long story short, IRS Form 990-N (e-Postcard) is for nonprofit organizations with gross receipts that do NOT exceed $50,000. This form is typically filed by smaller nonprofit organizations and is the quickest 990 tax form to complete.
The following type of nonprofit organizations are not permitted to file an IRS Form 990-N:
- Political organizations required to file an exempt organization return annually
- Private foundations (File Form 990-PF)
- Supporting organizations such as:
- Organizations with gross receipts $5,000 or less and classified as a section 501(c)(3) religious organization.
- Auxiliaries of Churches
- Exclusive religious activities (by religious orders)
Although these types of organizations are not permitted to file Form 990-N (e-Postcard), they must still file a Form 990 tax form to remain tax-exempt and avoid hefty IRS penalties. The appropriate form for your organization is based on your gross receipts and assets. One of the following forms must be filed by May 15th.
Form 990 Series
Form 990-N (e-Postcard) – For organizations reporting gross receipts less than $50,000
Form 990-EZ (Short Form) – For organizations reporting gross receipts less than $200,000 and total assets less than $500,000
Form 990 (Long Form) – For organizations reporting gross receipts equal to or greater than $200,000 and total assets equal to or greater than $500,000
Form 990-PF – For organizations identifying as an exempt private foundation, taxable private foundation, or a nonexempt charitable trust treated as a private foundation.
For more information about which 990 tax form your organization should file and where to file Form 990, click here. If you are ready to file, ExpressTaxExempt has everything you need to remain compliant with the IRS by e-filing Form 990.
If you need more time apply for an extension for Form 990 using tax extension Form 8868.