If you just didn’t have enough time to get your Form 990 filing together in time to meet your deadline, no problem! You did exactly what you needed to do and filed an extension Form 8868. This allowed you six additional months to complete your tax return.
Well, time must fly during a pandemic because your extension is coming to end.
Here is a friendly reminder that you can’t put off filing your Form 990 any longer, the vacation is over, it’s time to get filing!
First, know your deadline!
Since your Form 990 was originally due to the IRS back in July, you filed a six month extension. This means that your deadline will be November 15, 2020. Since, the fifteenth day of the month falls over the weekend this year, your new deadline will be November 16, 2020.
Choose the best filing method
As you may know the IRS is still accepting paper returns at a much slower rate than before the pandemic. Avoid the stress of wondering where your return is as it sits in a mail bin for weeks. Electronic filing allows you to get instant updates, specifically if you choose to e-file with our sister product, ExpressTaxExempt.
You are also just much less likely to make errors on your form if you file electronically. The electronic filing process often picks up on simple errors, that you may not have caught yourself.
Choose the correct Form 990
There are a few different variations of the Form 990 and you must choose the one that fits the size and financial position of your organization. Here are your options:
This is also referred to as the 990 e-postcard. This is the shortest version of the Form 990 and it is filed by smaller organizations reporting less than $50,000 in gross receipts.
This is also a relatively short version of the Form 990. This should be filed by organizations with gross receipts greater than $50,000, but less than $200,000. They must also have less than $500,000 in total assets.
This is the standard long-form 990. This should be filed by organizations reporting gross receipts over $200,000 and with assets totaling over $500,000.
If your organization is a private foundation or treated like one, this is the Form 990 you should file.
Need some Help Getting Started?
You trust ExpressExtension to handle your IRS Tax Extensions, you can trust our sister product ExpressTaxExempt to help you complete your Form 990. Just like with ExpressExtension, ExpressTaxExempt has a team of professionals available to help you through the filing process!