May 17, 2021 is a major IRS deadline for nonprofits and tax-exempt organizations. Since there are only a few days left for nonprofits to meet the Form 990 deadline, here is a quick review on the due date, IRS’s e-filing mandate for the 2020 tax year, and the 990 series forms your organization may be required to file.
May 17, 2021 Form 990 Deadline
Tax-exempt organizations are required to file 990 series forms every year to give the IRS and the public a record of their financial status and activities. Form 990 deadlines are determined by the 15th day of the 5th month following the end of an organization’s accounting period.
For nonprofits operating on a calendar year, Form 990 is due May 17, 2021 for the 2020 tax year. Organizations should file their 990 series form on or before this deadline to stay IRS-compliant and avoid penalties. Failing to file Form 990 three years in a row can result in the revocation of your organization’s tax-exempt status.
The IRS Form 990 E-filing Mandate
In the past, nonprofit organizations could meet their Form 990 deadlines by paper filing or filing their 990 series forms electronically. Now, following guidelines laid out in the 2019 Taxpayer’s First Act, nonprofits are required to e-file Form 990.
The IRS is requiring e-filing for the 2020 tax year. All tax-exempt organizations with tax years beginning after July 1, 2021 have to file Form 990 electronically with the IRS for the 2020 tax year.
Whether your organization has been e-filing for years or is just now switching over, working with an IRS-authorized e-file provider is a great way to meet your deadlines safely and easily. ExpressTaxExempt offers form-based and interview-style filing to simplify completing 990 series forms for the 2020 tax year.
Here’s a quick review on the forms your organization may need to file for the May 17, 2021 deadline. Not sure which one is right for you? Click here to use our free Form 990 finder.
Private foundations should meet their deadline by e-filing Form 990-PF. Form 990-PF allows them to report charitable distributions and activities and calculate taxes based on investment income.
Click here for everything you need to know about Form 990-PF.
Nonprofits with gross receipts of $50,000 or less have the option to e-file the shortest 990 series form, Form 990-N, to meet their IRS deadline. IRS Form 990-N is known as an e-Postcard form and allows small nonprofits to meet their IRS requirements by answering 8 questions.
Click here to find out how to file Form 990-N in 3 simple steps.
Smaller nonprofits and tax-exempt organizations, specifically 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-EZ is a short form that allows nonprofits to meet their IRS requirements.
Click here for Part 1 and Part 2 instructions for Form 990-EZ. Visit this blog to find out more about Form 990-EZ for the 2020 tax year.
Nonprofits and tax-exempt organizations with gross receipts of $200,000 or more and total assets of $500,000 or more should meet the May 17, 2021 deadline by e-filing Form 990. Form 990 is the longest 990 series form and gives the IRS a complete picture of an organization’s finances, governing officers, and activities.
Note: In addition to meeting 990 series filing requirements for the 2020 tax year, California nonprofits are also required to file Form 199 with the state. Visit this blog for more on Form 199.
Meet Your May 17, 2021 Form 990 Deadline with ExpressTaxExempt
As nonprofits and tax-exempt organizations prepare to file the correct forms and schedules with the IRS for the May 17, 2021 deadline, ExpressTaxExempt is here to help. To e-file 990 series forms with ExpressTaxExempt, users simply select their form and tax year, enter their information, resolve any mistakes, and transmit their return directly to the IRS.
ExpressTaxExempt generates all the required schedules for free, allows organizations to invite multiple users, reviewers, and approvers to their filing process, and makes Form 990 filing simple. You will get access to great, U.S.-based support, be able to bulk upload information about gifts and contributions, and get instant notifications on your return’s status.