When are 990 tax returns due?

The due date for filing Form 990, Return of Organization Exempt from Income Tax, is the 15th day of the 5th month following the end of the organization’s fiscal year. For organizations that operate on a calendar year, this means the deadline is May 15th. However, if May 15th falls on a weekend or holiday, the due date is extended to the next business day.

For organizations that do not operate on a calendar year, the due date may vary. It is important to check the specific due date based on the organization’s fiscal year end.

FAQs about 990 tax returns:

1. Can an organization request an extension for filing Form 990?

Yes, organizations can request an automatic 6-month extension by filing Form 8868 before the original due date of Form 990. This will extend the deadline to November 15th for calendar year organizations.

2. What happens if an organization fails to file Form 990 by the due date?

Failure to file Form 990 by the due date can result in penalties imposed by the IRS. The penalty amount is based on the organization’s gross receipts and can increase the longer the organization is delinquent in filing.

3. Are there any exceptions to filing Form 990?

Small organizations with gross receipts of less than $50,000 may be eligible to file Form 990-N, also known as the e-Postcard. This form is a simplified version of Form 990 and does not require extensive financial information.

4. Can organizations request an additional extension beyond the automatic 6-month extension?

In certain circumstances, organizations may be granted an additional 3-month extension if they can demonstrate reasonable cause for needing more time to file Form 990. This extension request must be submitted in writing to the IRS.

5. What information is required to be reported on Form 990?

Form 990 requires organizations to report detailed financial information, including revenue, expenses, assets, liabilities, and activities conducted throughout the year. It also requires organizations to disclose governance structure, compensation of key employees, and any transactions between the organization and interested parties.

6. Can Form 990 be filed electronically?

Yes, organizations can file Form 990 electronically through the IRS’s e-filing system. E-filing is the recommended method for filing Form 990 as it allows for quicker processing and reduces the risk of errors.

7. Do all tax-exempt organizations have to file Form 990?

Most tax-exempt organizations, including charities, nonprofits, and social welfare organizations, are required to file Form 990. However, religious organizations, certain governmental organizations, and organizations with gross receipts below the filing threshold are exempt from filing.

8. Is there a fee for filing Form 990?

There is no fee for filing Form 990 itself. However, organizations that fail to file on time may incur penalties from the IRS. It is important to file on time to avoid these penalties.

9. Can organizations that have dissolved or ceased operations stop filing Form 990?

Organizations that have dissolved or ceased operations are still required to file a final Form 990 to report their activities up to the date of dissolution. This form should indicate the organization’s closure and outline any remaining assets.

10. Can organizations amend Form 990 after it has been filed?

Yes, organizations can file an amended Form 990 if they discover errors or omissions in their original filing. The amended form should be marked as “Amended” and include explanations for the changes made.

11. Are there any consequences for filing Form 990 late?

Filing Form 990 late can result in penalties imposed by the IRS, which can accrue daily until the form is filed. It is important to file on time or request an extension to avoid these penalties.

12. What is the best way for organizations to ensure they meet the deadline for filing Form 990?

Organizations can create a timeline leading up to the filing deadline to ensure all necessary documents and information are gathered in advance. Utilizing accounting software or hiring a professional accountant can also help streamline the filing process and minimize the risk of missing the deadline.

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