Beat This August 15 Deadline Like a Pro: How Tax990 Eases Nonprofit Reporting

Nonprofit organizations must address numerous challenges in addition to their missions and responsibilities. One of the most important responsibilities is meeting tax filing requirements. Following IRS deadlines and regulations is not just a legal duty but also crucial for maintaining integrity and trust among the public.

This blog will discuss which organizations need to file the 990 return this month, how to find your organization’s deadline, and the consequences of missing the deadline.

Who Must Abide by this Deadline?

The following organizations should be prepared for the 990 deadline this month.

Organizations operate in a fiscal year from April 1 to March 31.

Organizations that obtained a 6-month extension using Form 8868, where the original deadline ended on February 15, 2024.

Which Forms Due by This Deadline?

Different variants of the 990 form are available, and the organization must choose and file the one that applies based on its gross receipts, assets, and funding structure. However, all the 990 forms share a common deadline.

Here is the list of each 990 forms due by this deadline,

Form 990-N: Applicable to small nonprofits with gross receipts of $50,000 or less.

Form 990-EZ: Applicable to organizations with gross receipts below $200,000 and total assets less than $500,000.

Form 990: Applicable to organizations with annual gross receipts equalling or surpassing $200,000 (or) total assets equalling or exceeding $500,000.

Form 990-PF: Applicable only to organizations that are classified as private foundations.

Form 990-T: This is a supporting form that the organization may need to file if the unrelated business income (UBI) is $1,000 or more.

What Are the Consequences of Failing to File by the Deadline?

If the nonprofits fail to file the required returns by the deadline, the IRS might incur penalties ranging from $20 to $120 based on the organization’s structure. Non-adherence to this deadline for 3 years might result in the automatic revocation of their tax-exempt status.

Navigate This Deadline Like a Pro With Tax990

Once you’ve gathered all your organization’s essential financial information, you can begin the e-filing process with Tax990, taking advantage of these key features and navigating this deadline like a pro:

Direct-Form Entry or Interview-Style Filing Options: Choose the method that best suits your needs for a streamlined filing experience.

Internal Audit Checks: Ensure accuracy with IRS Business Rules integrated into the system.

Free Attachment of Required 990 Schedules: Include necessary schedules at no additional cost.

Support for Prior-Year Filings and 990 Amendments: Easily manage previous years’ filings and make amendments as needed.

Instant IRS Notifications: Receive immediate updates on the acceptance or rejection of your 990 returns.

No-Cost Corrections and Resubmissions: Correct and retransmit rejected returns without additional charges.

Reviewers and Approvers Feature: Share 990 returns with organization officials and board members for final review and approval.

Additionally, our dedicated customer support team is available to assist you throughout the e-filing process via phone, email, and live chat.

Start your filing journey with Tax990 today!