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Filed Your 990 Yet?
Aron Segal, MBA, MPAC, CPA
Manager, Tax Practice
May 3, 2010
A not-for-profit or other exempt organization must file an annual return with the IRS each year, using Form 990, 990-EZ, 990-PF or 990-N. For organizations with calendar year-ends, the due date for filing is May 15, although the date can be automatically extended for three months by filing an application with the IRS.
The consequences of not filing a return can be serious, including a penalty assessed for each day the return is late. Under certain circumstances, the person responsible for filing the return can also be subject to an individual penalty.
Significantly, if your organization does not file a required return for three consecutive years, it automatically loses its federal tax exemption. It's known as automatic revision, and the issue is especially important for small not-for-profit organizations this year. It's the third year they've been required to file an electronic return using Form 990-N.
To learn more regarding Form 990 filing requirements and automatic revocation rules, click here.
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