As a tax-exempt organization, your nonprofit may be exempt from paying federal taxes, but it still must meet its annual reporting obligations by filing Form 990 with the IRS. Form 990 serves as a key transparency tool, providing the IRS and the public with important information about your organization’s mission, finances, and operations. Filing the correct Form 990 by the due date is essential to maintaining your nonprofit’s tax-exempt status.
To avoid penalties and keep your nonprofit in compliance, it’s crucial to know when your 990 form is due. In this post, we’ll explain how to determine your nonprofit’s 990 deadline and provide an updated filing deadline chart to help you stay on track.
What Is the Filing Deadline for Nonprofit Form 990 and Form 990-N?
The deadline for filing Form 990 depends on your nonprofit’s fiscal year. For organizations that follow a calendar year (January 1 to December 31), the 990 form is typically due on May 15. For nonprofits with different fiscal years, the form is due on the 15th day of the 5th month after the end of the fiscal year. This means if your fiscal year ends on June 30, your filing deadline would be November 15.
The IRS begins accepting and processing Form 990 submissions once the tax season opens, typically in late January or February. However, you can prepare and finalize your Form 990 as soon as your fiscal year ends and your financial records for the year are closed.
What Are the Consequences of Missing the Deadline?
Failing to file Form 990 on time can have serious consequences for your nonprofit. The IRS imposes penalties starting at $20 per day for late filings, up to a maximum of $10,000 or 5% of the organization’s gross receipts. More critically, if a nonprofit fails to file for three consecutive years, it automatically loses its tax-exempt status. Restoring this status can be a complex and costly process, so staying on top of your filing deadlines is essential.
Filing Form 990-N for Small Nonprofits
For nonprofits with gross receipts of $50,000 or less, filing Form 990-N, also known as the “e-Postcard,” is a simple and fast way to meet IRS requirements. Like the full 990, Form 990-N is due on the 15th day of the 5th month after the fiscal year ends, making it crucial for small nonprofits to track their deadlines carefully.
While filing Form 990-N is easy, it’s essential to ensure it’s completed on time every year to avoid losing your nonprofit’s tax-exempt status.
What If You Need More Time?
If you need more time to file your Form 990, you can request an automatic 6-month extension by filing **Form 8868** with the IRS before your original due date. This extension applies to Form 990, 990-EZ, 990-PF, and Form 990-N.
Conclusion
Staying on top of your nonprofit’s Form 990 filing deadline is crucial to avoid costly penalties and the risk of losing your tax-exempt status. With the correct information and tools in place, you can ensure your organization remains in compliance and continues serving its mission without interruption.
Need help filing your Form 990?
At BryteBridge Nonprofit Solutions, we specialize in helping nonprofits stay compliant with IRS regulations. From preparing your Form 990 to managing deadlines, our team is here to assist you every step of the way. Speak with a BryteBridge consultant today by calling 877-857-9002 to learn how we can help you navigate the complexities of nonprofit compliance and keep your organization on track.
