What is Form 990 and when is it due?
Form 990 is the annual information return that tax-exempt organizations file with the IRS. Unlike a tax return that calculates what you owe, Form 990 reports your nonprofit’s activities, governance, and finances. It’s how the IRS monitors whether organizations continue to qualify for their exempt status.
The due date is the 15th day of the 5th month after your fiscal year ends. For calendar year organizations, that’s May 15. If your fiscal year ends June 30, your 990 is due November 15. When the due date falls on a weekend or holiday, you have until the next business day.
There are three versions based on your organization’s size. Form 990-N (the e-Postcard) is for organizations with gross receipts normally $50,000 or less. Form 990-EZ works for organizations with gross receipts under $200,000 and total assets under $500,000. The full Form 990 is required for larger organizations. Private foundations file Form 990-PF regardless of size.
You can request an automatic 6-month extension by filing Form 8868 before the original due date. The extension gives you more time to file but doesn’t extend the time to pay any taxes you might owe, such as unrelated business income tax.
The consequences of not filing are serious. Late filing can trigger penalties, but the bigger risk is automatic revocation. If you fail to file for three consecutive years, the IRS automatically revokes your tax-exempt status. Getting reinstated requires filing a new exemption application and paying the associated fees. Many nonprofits don’t realize this until they’ve already lost their status.
Form 990 is a public document. Donors, grantmakers, and watchdog organizations can request copies or view them on sites like GuideStar. Errors or incomplete information become part of your public record and can affect donor confidence and grant eligibility.
Accurate financial records throughout the year make 990 preparation much easier. Working with a bookkeeper familiar with nonprofit accounting helps ensure your books are clean and the information reported matches your actual activities. Most problems with Form 990 stem from messy books, not the filing itself.
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