Nonprofit organizations are required to disclose their financials and governance annually by filing the appropriate 990 tax form with the IRS, due no later than five months and 15 days after the organization’s fiscal year ends. Both the Board and paid tax preparer who file the form are held accountable for reporting correct information. As this is an essential requirement for maintaining compliance, we have created a complimentary nonprofit tax deadlines checklist for anyone to use. This information can help you review and keep track of the items needed to prepare for your annual form 990.
Checklist for Nonprofit Tax Deadlines
This guideline for nonprofit tax deadlines is broken into three categories: organizational information, financial information, and required information. In addition, our nonprofit consultants have also provided some tips and tricks to help make your tax season preparation a bit easier and smoother.
Depending on the size of your 501(c)(3), this information may be readily available through your operations or office manager, board president or board secretary, or CEO or executive director. We have also provided an online link to the IRS website that can also provide assistance.
- Fiscal Year End (FYE)*
- Form 990/990-EZ/990-N Requirement?*
- Date of IRS Federal Tax Exemption*
- 501(c) Type*
Whether you’re a nonprofit startup with a small staff or a large established charitable organization, financial information should be available through your office manager, staff bookkeeper, board president or board treasurer, CEO, or executive director.
- Profit & Loss Statement (Income & Expenses Report)
- Balance Sheet: Starting & Ending Balances, Liabilities, and Assets
While some of these requirements may not apply to a new or small nonprofit, answers to all are required. Many of the questions pertain to staff and fundraising, so answers may be found through your human resources and development managers as well as a board president, CEO, or executive director.
Be prepared to list the following:
- Assets over $1,000 (current year)
- Current Board & Highest Compensated Employees
- For All Paid Employees/Contractors: Amount Paid and copies of W-2/1099
- Top Program Achievements
- Grants or Donations Distributed by Organization Donor Details – Any over $5,000
- Loans provided to or from Board Member
Tips & Tricks
- Practice good governance! The Board should be reviewing financials quarterly. Whether a board representative assists or you hire a bookkeeper, you must make sure financial records are being properly maintained.
- Donations are income, money spent toward programs are expenses – everything should be documented!
- Prepare the correct 990 forms! This is based on your income threshold & 501(c) type.
- 6-month Extensions are available – but MUST be filed before the due date arrives.
- Know Your 990 Due Date – for EVERY organization is no later than five months and 15 days after their fiscal year-end (FYE). However, filing early is encouraged! (The most common FYE is December 31st, making the most common due date May 15th)
- Enlist the help of a nonprofit tax service provider or accountant to ensure you never fall out of compliance.
Worried About Your Nonprofit’s Tax Deadlines? Brytebridge’s Nonprofit Tax Services Can Help!
BryteBridge offers an entire team of nonprofit professionals experienced in tax preparation, bookkeeping, and office management. We can help you with everything your organization needs to maintain compliance and make a difference in your community. Contact us today to learn more about our services!