It’s the Form 990 Deadline for Many Tax Exempt Organizations, are you ready?
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
Which extension should I file?
You will need to file the Form 8868, Application for Automatic Extension Of Time to File an Exempt Organization Return. There is good news here! This extension is automatic, so as long as you complete the extension form accurately and by your deadline (today), and pay any balance due to the IRS, your extension should be approved.
How do I file the Form 8868?
More good news, you can easily complete your extension with ExpressExtension, and the process only takes a few minutes and some basic information.
You will need the following information to file the 8868:
- Your organization’s basic details like the name, EIN, and address.
- Know which extension you want to complete (Form 8868)
- Enter your tax details, for example, if you have any tax payments.
With our step-by-step instructions, you can complete this form easily and accurately. Plus, if your form is rejected for any reason, you can edit and re-transmit the form at no additional cost to you.
Ready to get started? Create your free ExpressExtension account today!