A quick guide for Nonprofits
About Form 990
- Form 990 is an annual information return that tax-exempt organizations must file each year as part of their annual tax filing requirements.
- Generally, the organizations use Form 990 to report details on their financial status, activities, and certain other information required by the IRS. The organizations must also make their Form 990 available for public inspection.
Who Must File Form 990?
Generally, Form 990 is filed by certain Tax-exempt organizations, Section 4947(a)(1) nonexempt charitable trusts and Section 527 Political organizations, if
Gross Receipts ≥ $200,000 (or) Assets ≥ $500,000
What are the Other Form variants Available in the 990 Series?
There are different variants of Form 990 available. The organization should file the applicable one based on their gross receipts, assets, primary source of funding, and unrelated business income.
| Forms | Gross Receipt value |
|---|---|
| Form 990-N | Organizations with gross receipts ≤ $50,000. |
| Form 990-EZ | Organizations with gross receipts < $200,000 and assets < $500,000. |
| Form 990-PF | Organizations treated as Private Foundations |
| Form 990-T | Organizations with income of $1,000 or more from unrelated businesses. |
When is Form 990 Due?
- Generally, the deadline to file Form 990 for the organizations is the 15th day of the 5th month after their accounting period ends.
- Is your organization follows a fiscal tax year? Find out your organization's 990 deadline.
Note: If your organization follows a calendar tax year, the deadline for filing Form 990 is May 15th.
Penalties for 990 Forms:
In some cases, the organization may fail to file the 990 Form on time. If that’s the case, the IRS will impose a penalty. The penalty amount may vary depending on the organization’s gross receipts.
- The penalty amount is $20 per each delayed day for organizations with gross recipes < $1,129,000. Maximum penalty of $11,000 or 5% of gross receipts.
- The penalty amount is $110 per each delayed day for organizations with gross receipts > $1,129,000. Maximum penalty of $56,000 or 5% of gross receipts.
Learn More about Form 990 Penalties
Is there an Extension for the Form 990 Deadline?
Yes, the organizations that need more time to file their 990 returns can file Form 8868 and get an extension of up to 6 months from the IRS. There is no need to provide any reason for requesting more time, as this extension is automatic.
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