Nonprofits are preparing to meet the July 15, 2021 Form 990 deadline. If your organization’s 990 series form is due this month, it’s a good idea to do a quick review, make a filing plan, and decide if you need to extend your due date.
Nonprofits and tax-exempt organizations need to file Form 990 every year to provide the IRS with a record of their finances. These financial records are also made available to the public.
Form 990 requires information about your organization’s gross receipts, programs, activities, and governing officers.
To meet their Form 990 deadline, nonprofits are required to file either Form 990, 990-PF, 990-EZ, or 990-N. The IRS filing requirement for your organization is determined by your nonprofit’s size, function, and gross receipts. Click here to find out which 990 series form is right for your organization.
The July 15th Form 990 Deadline
The Form 990 deadline is always the 15th day of the 5th month after an organization’s tax period. If the Form 990 deadline lands on a holiday or weekend, the IRS pushes it back to the next business day.
For organizations whose tax year ended on February 28th, 2021, Form 990 is due July 15, 2021.
Who Needs to File?
If your organization’s tax year ended on February 28, 2021, you will need to file Form 990 by July 15, 2021.
If your Form 990 deadline was originally January 15, 2021, and you extended it using Form 8868, you will need to e-file Form 990 by July 15, 2021.
Not sure when your organization’s 990 deadline is? Click here to use our free Due date calculator.
Form 990 Penalties
It’s important to stay on top of your Form 990 deadline, because the IRS does penalize for late filing. Failing to file Form 990 on time can result in a daily $20 penalty. The maximum fine is $10,000, or 5% of your organization’s gross receipts.
Failing to file Form 990 for three consecutive years can result in the IRS automatically revoking your tax-exempt status.
Click here to know more about Form 990 late filing Penalties.
Extend Your Form 990 Deadline
If you think your organization may need extra time to file, you can request an extension with Form 8868. Form 8868 is an automatic extension form that can give your organization up to 6 extra months to meet your deadline.
How to Meet the Form 990 Deadline
The IRS has made e-filing mandatory for 990 series forms. Filing IRS Form 990 with an e-file provider is a great way to file safely and avoid IRS penalties. ExpressTaxExempt makes it easy to file Form 990. You’ll get access to error checks, U.S.-based support, and instant notifications when the IRS processes your return.