Things To Do If You Forgot About The IRS Form 990 Deadline

Have you ever been so busy carrying out your company’s mission that you haven’t had the opportunity to sit down and complete an IRS Form 990 by today’s deadline?

Recognizing that you barely have a lot of hours to finish a necessary tax form, your heart likely skipped a beat, and you also may have said some not-so-nice words, but there’s a way you can file your IRS Form 990 in time or even get additional time.

Here is what to do if you forgot about the IRS Form 990 deadline.

What To Do If You Forgot About The IRS Form 990 Deadline

July 15, 2020, is the critical tax filing deadline for nonprofit associations running on a calendar tax year (January — December). You are expected to file IRS Form 990 to report crucial information regarding your organization and keep its 501(c)(3) tax-exempt status.

Filing IRS Form 990 In The Last-Minute

Time is of the essence so let’s cut to the chase. To file a 990 tax form for your nonprofit, you need first to understand which Form 990 to file and what information you will need.

There are four variations of Form 990 contained from the Form 990 Series. Each form offers information on specific types of exempt organizations.

Form 990-N

Organizations with gross payments that are less than or equal to $50,000 document this form electronically.

Form 990

Filed by organizations with gross receipts more than equal to $200,000 or total assets equivalent to or more than $500,000.

Form 990-EZ

The Short Form Return of Organization Exempt From Income Tax filed by organizations with gross receipts less than $200,000 and $500,000 in total assets.

Form 990-PF

Filed by Exempt & Taxable Private Foundations as well as Non-Exempt Charitable Trusts, which the IRS treats as private foundations.

Everything You Need Before Filing

General information needed to e-file IRS Form 990 comprises:

  • EIN (Employer Identification Number)
  • Tax Phase
  • GEN (Group Exemption Number)

You will also need the information to Complete any necessary schedules for your company.

Is It Possible To Expand the July 15 Deadline?

Yes! If you need extra time to document for your organization, we have a solution for you.

IRS Tax Extension Form 8868 can be used by charities, nonprofit groups, and other tax-exempt organizations to obtain an automatic filing extension of 6 months to file a 990 yield. File Form 8868 by the first due date of your organization’s 990 filing deadline.