As a nonprofit organization, you have a lot on your plate. Your focus is the mission of your organization, engaging with your donors, and bettering your community. When it comes to tax forms, you may be less than excited. Here is what you need to know to successfully file your Form 990 with the IRS.
What Is The Form 990?
The Form 990 is an informational tax return that all tax exempt organizations must file with the IRS on an annual basis to report their financial information and maintain their tax exempt status.
A lot of information is included in the IRS Form 990. It is basically a financial overview of the organization’s fiscal year. Organizations must provide a wide array of financial specifics such as their revenue, expenses, and mission related activities.
The overall purpose of the Form 990 is to prove to the IRS that an organization is a good steward of the monetary and in kind donations they are receiving and the programs that they are carrying out.
It is important to note that the Form 990 is made public knowledge. All donors and foundations that provide funding to the organization are able to access this information. Therefore, there is more at stake for nonprofit organizations than IRS penalties.
Who Must File the Form 990?
All tax exempt organizations must file this form. However, there are many variations of the Form 990, such as the Form 990-PF and the Form 990-EZ.
The standard Form 990 should be filed by organizations that meet these requirements:
Organizations with gross receipts totaling $200,000 or more, and total assets totaling $500,000 or more.
What is the Deadline to File Form 990?
The general rule for filing this 990 form with the IRS is that it must be filed on the 15th day of the 5th month following the close of the accounting year.
While the deadline for calendar year filers is usually May 15, it is VERY important to note that the IRS has extended this deadline due to the current challenges presented by the COVID-19. Therefore all filers with a deadline that falls between April 15 and June 15 will have additional time to file.
The deadline for all April, May, and June Form 990 filers has been moved forward to JULY 15, 2020.
Are There Additional Filing Requirements?
Yes! It’s the IRS, there are always more filing requirements! The Form 990 has several different Schedules that must be attached depending on your organization’s specific activities. The Form 990 is not considered complete by the IRS unless all of the required schedules are attached and accurate. Stay tuned for an upcoming blog post where we will break these schedules down in detail!
How Should I File Form 990?
Your Form 990 can be either filed electronically or paper filed. At Express Tax Exempt we are dedicated to helping your organization stay exempt with as little work as possible required on your end! As an IRS Authorized E-file Provider, we are also able to help you file your Form 990 electronically.
For more information on the Form 990, please visit
Remember, organizations with a tax year beginning on or after July 1, 2019 will be required by the IRS to file their returns electronically. Don’t worry, e-filing is actually easier for both you and the IRS itself. Create a free account at www.expresstaxexempt.com and get started today!