IRS Form 990
Nonprofits with $200,000 or more in annual revenue or $500,000 or more of total assets at the end of the year must annually file IRS Form 990.
The IRS Form 990 is due 4.5 months after the organization’s year end. For a December year end organization, their IRS 990 would be due May 15. The organization can use IRS Form 8868 to extend the due date an additional 6 months. Even with the extension, many organizations end up filing their IRS 990 at the last minute. The IRS imposes a $50 per day late fee for organizations with revenue over $1,000,000 filing after the due date. The late fee for organizations with revenue under $1,000,000 is $20 per day. As the late fee increases each day, it can add up fast.
The IRS Form 990 must be made available to the public. The IRS and several websites also make this filing readily available to the public in order to give the public a sense of the finances and activities of various nonprofits. The 990 is thus an important document which you can use to highlight your organization and put your best face forward. You will want to make sure that your organization’s IRS 990 is prepared accurately and correctly and puts a spotlight on what you feel is important such as the accomplishments of your programs.
If you need help filing your IRS 990, we can help. Our accounting experts specialize in nonprofit accounting. We make sure the filing is done accurately on on-time and provides an accurate picture of your organization and the work you are doing. We work with thousands of nonprofits. Call us at 844-863-0915 or email us at firstname.lastname@example.org