Tax-Exempt Organization Tax Return Filing Deadline Approaching

Tax-Exempt Organizations using a calendar year are required to file 990-series returns by May 15. However, not all organizations are required to file the same form.  The 990-series includes Forms 990, 990-EZ, 990-N and 990-PF, and are not technically income tax returns but are rather informational returns.  However, private foundations are subject to excise taxes on investment income and all exempt organizations are subject to tax on unrelated business taxable income.  In addition to financial information, organizations must describe their organization’s mission and charitable activities. These forms must be filed annually, and organizations that fail to file for three consecutive years will have their federal tax-exempt status automatically revoked.

Depending on the size and type of your organization different forms are required.  Small tax-exempt organizations with average annual receipts of $50,000 or less may file Form 990-N, also known as an e-postcard.  The 990-N filing is only available online, and asks for some basic information regarding your organization.  Organizations that file Form 990-N are not required to file Form 990 or 990-Z.  However, the 990-N is not allowed an extension, and as such must be filed by May 15 if your organization operates on a calendar year.

Form 990-EZ is a shorter and simpler version of Form 990 that can be used by smaller organizations that have average annual receipts of less than $200,000 and less than $500,000 of assets.  Form 990 is required for all exempt organizations with average annual receipts of $200,000 or more and assets of $500,000 or more.  Private Foundations must file Form 990-PF regardless of the amount of receipts or assets.

The due date for filing Forms 990-EZ, Form 990 and Form 990-PF may be automatically extended 3 months by filing Form 8868.  However, a filing extension does not extend the payment due date if any taxes are owing.  If an additional filing extension is required, page two of Form 8868 may be submitted, but reasonable cause must be given as the second extension request is not automatic.