Nonprofits, are you prepared for the 2024 Form 990 deadline? Maintaining your tax-exempt status depends on your timely compliance! Don’t be late.

Due Date

Form 990, 990-EZ, and 990-PF must be filed by the 15th day of the 5th month after your organization’s fiscal period is complete, which is May 15th for a calendar year.

For organizations with June 30^th fiscal year end, Form 990 must be filed by November 15^th.

Two main functions of form 990

Filing the Form 990 is an important aspect of a tax-exempt organization's life cycle. It serves two functions for two important audiences.

1. Informs the public -- The Form 990 informs the public about crucial aspects of your nonprofit. Most of the pages and tables are available for public inspection, including those describing executive compensation and program expenditures. Potential donors and grantors can, and many routinely do, look at an organization's Form 990 before making decisions about charitable giving. The media and nonprofit-watchdog groups also utilize information in 990s.
2. Informs the IRS -- The Form 990 provides the IRS with information about your nonprofit's activities and financial status to show that your nonprofit still meets the qualifications for tax-exemption.

Are there different versions of Form 990?

Form 990 - Organizations with gross receipts of $200,000 or more and total assets greater than or equal to $500,000 must file a Form 990. Form 990 describes an organization’s overall mission, notable activities, details on revenues, expenses, assets, liabilities, and governance.

Form 990-EZ – Form 990-EZ is for organizations with gross receipts totaling less than $200,000 and total assets less than $500,000. It is considered the “short” version of the regular Form 990.

Form 990-N – Organizations with gross receipts of $50,000 or less must file the Form 990-N, otherwise known as the “e-postcard”. The “e-postcard” is the shortest version of form 990 and is filed online via the IRS website.

Form 990-PF- This version is for all types of private foundations, regardless of income.

Form 990-T – Organizations with gross receipts of $1,000 or more in income from unrelated business activities are required to file Form 990-T.

Can you file for an extension?

Yes. Through Form 8868, you can request an automatic 6-month extension of time to file Form 990, 990EZ, 990N and 990PF.

When is your tax-exempt status at risk?

If you fail to file the appropriate 990 for three consecutive years, your tax-exempt status will be revoked. There’s also a daily penalty for late filing, which can add up fast, so be sure you’re filing the right form and getting it in before the deadline.

Questions? Contact us.