Calling all tax-exempt organizations! This week marks the June 15th, 2022 990 series return deadline. ExpressTaxExempt is here to help your organization file your return on time and remain tax-compliant.
Below we’ve listed some important reminders to help your organization file your 990 return seamlessly!
File on Time!
Form 990 series returns are typically due on the 15th day of the 5th month following the end of the organization’s taxable year. However, if a due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.
The upcoming 990 series return deadline is on June 15th, 2022. Organizations that have a June 15th filing deadline include:
Organizations whose tax year was from February 1st through January 31st
Organizations that filed an 8868 extension for their December 15th, 2021 Form 990 deadline
The organizations with a June 15th deadline should file their returns by midnight that day. If you file late, you may be subject to penalties from the IRS.
Select the Correct Form!
Most tax-exempt organizations are required to file an annual 990 return. Which form an organization must file generally depends on its financial activity and gross receipts.
Form 990-EZ: Smaller nonprofits and tax-exempt organizations with gross receipts less than $200,000 and total assets less than $500,000 can meet their deadline by e-filing Form 990-EZ.
Form 990: If your organization has gross receipts of $200,000 or more and total assets of $500,000 or more meet your May 16 deadline by e-filing Form 990. This form is the longest of the 990 series forms and will provide the IRS with a complete picture of your organization’s finances, governing officers, and activities.
Form 990-N: If your nonprofit organization has gross receipts of $50,000 or less you have the option to file Form 990-N. This form is known as an e-postcard and can be completed by filling out 8 simple questions about your organization.
Form 990-PF: Private foundations, regardless of financial status, are required to e-file Form 990-PF. This allows organizations to report charitable distributions, and activities, and calculate taxes based on investment income.
Form 990-T: If your organization needs to report unrelated business income and tax liabilities, you can meet your June 15, 2022 deadline by e-filing Form 990-T.
Gather the Necessary Information!
To complete a 990 series return you will need to have your organization’s identification information readily available. This includes your employer identification number, organization name, address, and mission statement. You will also need to provide information regarding your organization’s program service accomplishments, officers, directors, trustees, and key employees
You will also have to provide your financial information when you file a 990 series return. Be ready to report all your revenue, expenses, and assets.
Request an Extension!
If your organization needs additional time to file your 990 return by the deadline, you can easily file an Extension Form 8868 with ExpressTaxExempt. Nonprofit organizations can file Form 8868 once per year to request a 6-month deadline extension for their 990 return. Form 8868 can be used to extend every 990 form except 990-N.
ExpressTaxExempt is an IRS-authorized Form 990 e-filing software your nonprofit can trust. Meet your June 15th 990 series return deadline today with ExpressTaxExempt!