Discussion:Reminder: Form 990 due Thursday, May 15th
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Discussion Forum Index --> Tax Questions --> Reminder: Form 990 due Thursday, May 15th
| 14 May 2008 | |
| Just a reminder for all of us that Form 990 for calendar year exempt organizations is due this Thursday, May 15th. I know that many CPAs do very few 990's and some of them are done pro bono, so it can be easy for them to slip through the cracks of our due date tracking mechanism. A 3 month automatic extension may be obtained with Form 8868, timely filed.
If an organization must also file Form 990-T, you must file a separate Form 8868 for the 990-T. Also, for anyone who may not have been attentive, organizations with gross receipts that are normally less than $25,000, and which have never been required to file, must now submit Form 990-N, which is an electronic postcard and is also due May 15th (but there is no penalty for late submission). Failure to file Form 990-N for 3 consecutive years results in automatic revocation of exempt status. Ouch! IRS info on Form 990-N: http://www.irs.gov/charities/article/0,,id=169250,00.html Form 990-N submission website: http://epostcard.form990.org/ Cheers! | |
| 2008 May 14 | |
| If an organization has not yet filed the 1023, should they file a 990-N? | |
| 14 May 2008 | |
| Yes, but they must first call the IRS Exempt Organization Division at (877) 829-5500 (toll free) and explain that they are operating as a 501(c)(3) organization, or whatever, but have not yet filed the 1023, and they need to file Form 990-N. The IRS will then do whatever it is that they do to start a file for that organization so the IRS can accept Form 990-N from them. This process takes about 45 days, according to the IRS rep I spoke to several months ago. | |
| 14 May 2008 | |
| Thanks for the heads up..just did the 8868s after I got your post. | |
| 14 May 2008 | |
| If an exempt organization is not required to file a 990 or 990-EZ, but does so anyway, is it still required to file the 990-N as well?
I feel it should be mentioned because it's not as well known - but tax exempts are usually required to do a filing with their respective State Attorney General's office - regardless of how they file for Federal purposes. | |
| 14 May 2008 | |
| Per IRS:
"Can I file Form 990 or Form 990-EZ instead of the e-Postcard? Yes, but please note that if you choose to file an annual information return (Form 990 or Form 990-EZ) instead of the e-Postcard, you must file a complete return. An incomplete or partially completed Form 990 or Form 990-EZ will not satisfy the annual filing requirement. Also, you may be assessed a late filing penalty if you file Form 990 or Form 990-EZ late." You do not file 990-N if you have filed a 990 or 990 EZ. The IRS has a very helpful FAQ here: http://www.irs.gov/charities/article/0,,id=177782,00.html For a more satisfying literary experience, the regs are here: http://www.irs.gov/pub/irs-tege/epostcard_tregs111507.pdf Several years ago, after continuing to read the requirement to file Form 990 with the State Attorney General's Office (which if I recall correctly is in the Form 990 instructions), I contacted the Florida Attorney General's office and inquired as to exactly who to send the 990's to. They had no idea what I was talking about and assured me that they had no interest whatsoever in receiving a Form 990 from any organization. However, the Florida Department of Agriculture and Consumer Services accepts form 990 in lieu of their standard financial report on the application for or annual renewal of an organization's Florida charitable solicitation permit. One might be led to inquire at one's respective Attorney General office as to the need for filing Form 990. I'd be curious to hear if any AG office is set up to receive such. | |
| 14 May 2008 | |
| California Attorney General's Office gets our form 990 along with their own form RRF-1 for Charitable Organizations. | |
