The fine for filing a late or incomplete form is $20/day up to the lesser of $10,000 or 5% of gross receipts. For organizations with gross receipts of more than $1 million in the year, the penalty is increased to $100/day to a maximum of $50,000. If, however, you’ve filed an Application for Extension of Time to File (see FAQ #6), you won’t be penalized if you file within the 90-day extension period (if your application is approved), or between the time you file the Application and the date it is rejected (if it is rejected). In other words: be safe and if there’s even a possibility you’ll be late, file the Application for Extension of Time to File. It takes only a few minutes to complete, and you’ll have the time to be sure your 990 is accurate.
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