IRS Form 990-T
If a nonprofit has over $1,000 of unrelated business income in a year, it must file IRS Form 990-T. While most nonprofits do not need to pay federal taxes, if an organization has to file IRS Form 990-T, it likely will need to pay Unrelated Business Income Tax (UBIT) on its unrelated business income. It is thus very important that an organization’s IRS Form 990-T is filed correctly. In addition, a 501(c)(3) is required to make copies of their 990-T publicly available and the IRS also makes copies available for public disclosure.
The due date for the IRS Form 990-T is the same as for the IRS 990 and similar to the IRS 990, the 990-T due date can be extended six months.
If your nonprofit needs to file a 990-T, make sure you get help from a firm with expertise who can make sure the filing is done correctly. Let Labyrinth, Inc. help you with this important filing. We can also help you with your IRS 990 as well.