Today is November 16, this is the Form 990 deadline for many tax exempt organizations across the country. Is your organization one of them? All tax exempt organizations and nonprofits with a tax year ending on June 30th, will need to file their tax return with the IRS today.
Did time get away from you? Here are some tips for last minute filers.
Which Form 990 should I file?
There are a few different variations of the Form 990. You should choose the form that best matches your organization’s size and financial situation. You will need to use your organization’s gross annual income and total assets as a guide when selecting the correct form.
For example, organizations with gross annual income under $50,000 are eligible to file the Form 990-N, which is much shorter than the standard Form 990. All organizations that are considered to be private foundations should file the Form 990-PF.
What information do I need to file?
Depending on which variation of the Form 990 your organization is required to file, this will determine how much information you will need to provide. You will need basic information like your organization’s name, address, Employer Identification Number (EIN) and mission statement. You will also need more complex information regarding your annual income, assets, and specific outreach programs to name a few. You will also need to provide information concerning your board members, any employees, and volunteers.
Getting this information can take time and providing accurate information is crucial to maintaining your tax exempt status. Which brings us to our next point, what if you are unable to gather this information today?
Should I file an extension?
If you don’t have access to all the necessary financial information and are unable to gather it up within the next few hours, save yourself the stress and file an extension. Despite some common misconceptions, there is no reason to hesitate. You can file an extension for an additional six months to file. As long as you complete your extension form accurately and