Do you know when your 990 is due?

Do you know when your Form 990 is due? Most federally tax-exempt organizations are required to file this annual tax return with the IRS. You can be prepared and avoid last-minute stress by confirming your deadline and understanding which version you need to file.

How do you know when your 990 is due?

Your organization’s fiscal year determines your deadline, which is the 15th day of the fifth month following the end of your fiscal year. If your nonprofit’s fiscal year matches the calendar year and ends on December 31, your deadline is May 15. You can refer to this chart of deadlines made available by the IRS. It also lists the corresponding extension deadlines, in case your organization needs more time to submit your 990.

When an organization fails to submit its annual returns for three consecutive tax years, the IRS will automatically revoke its tax-exempt status. So, it’s important that you adhere to the deadlines and file for extensions if necessary.

Which version of the 990 do you need to file?

There are different versions of the Form 990. The version your organization needs to complete is determined by its financial activity:

• If your organization’s gross receipts are less than $50,000 annually, you can file a simplified version of the Form 990. It’s called Form 990-N, or e-Postcard
• Organizations with gross receipts of less than $200,000 and gross assets less than $500,000 are required to file Form 990-EZ or Form 990
• Organizations with gross receipts greater than $200,000 and assets greater than $500,000 need to file Form 990
• Private foundations file the Form 990-PF

The IRS provides a chart you can use to find out which version you need to file, and makes instructions available for each version here.

Conclusion

By being aware of your organization’s deadline and confirming which version of the Form 990 you need to submit, you can access, complete, and submit that version of the form with minimal stress.