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 IRS now mandates tax exempt organizations electronically file their IRS form 990-T. 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, or Form 990, we can help. While Labyrinth does not provide this service, we have a network of partners who can help you with the preparation and filing of your IRS Form 990. Contact us now to be connected with one of our partners.