How IRS Form 8868 Helps Tax-Exempt Organizations File At The Last Minute

This is a guest post by Ariel Black, Content Marketing Manager for SPAN Enterprises.

If your organization is required to file by the July Form 990 deadline and needs more time to file 990 online, your best bet for avoiding IRS penalties is to file a tax extension. You may have recently asked yourself, “When is Form 990 due?” With today being the last day to e-file IRS Form 8868, here is how to file the Form 990 extension before it is too late.

How IRS Form 8868 Helps Tax-Exempt Organizations File At The Last Minute

Despite the reason for needing additional time, the IRS will automatically grant you a six-month

extension of time to file IRS Form 990, your nonprofit tax return. Also, the application process is quick, easy, and you will likely receive approval within the hour.

IRS Form 8868 Nonprofit Tax Return Extension

If you need more time to file IRS Form 990, ExpressExtension has your back. You can use our quick and easy e-filing guide to instantly file an IRS Form 990 extension, the Exempt Organization Tax Extension Form! Zero hassle involved, simply follow our step-by-step instructions to transmit this form directly to the IRS.

The Form 990 extension due date for tax-exempt organizations with a fiscal tax year that starts in March, is July 15th. Since the 15th of this month fell on a Sunday, you have until midnight of July 16 to file a Form 990 or IRS Form 8868 extension.

What Happens If I Fail To File?

So, what happens if you don’t file your IRS Form 990? If you fail to file or submit your form late, there is a $20 penalty per-day up to $10,000 or five percent of your organization total gross receipts.

Sounds like a big mess, right?... Moral of the story --- you need to e-file a Form 990 extension using IRS Form 8868 by midnight. That’s all I am going to say.

E-file IRS Form 8868 Online

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How to Keep Your Tax-Exempt Status by Filing IRS Form 990

Today is another IRS Form 990 deadline day! If your organization operates on a fiscal tax year that begins on February 1 and ends on January 31, you are required to file IRS Form 990 by today, June 15. You have until midnight to submit this form or extension Form 8868 to receive additional time to file.

Well the clock is ticking and time is running out, so let’s discuss how to file at the last minute and meet the June 15 deadline.

How to Keep Your Tax-Exempt Status by Filing IRS Form 990

The first step in meeting the June 15 deadline is to know which 990 Form your organization is required to file. There are four Forms that make up the Form 990 Series and we would hate for you to waste your time and file the wrong one. Here is a brief summary of each nonprofit IRS Form, simply select the one that best fits your organization: 

Nonprofit Form 990 Series

Click here to find out what information your nonprofit organization needs to have to file these forms.

How To File IRS Form 990

Need More Time To File? We’ve Got You Covered!

If you need more time to file Form 990 or want to take your time completing the Form, that’s okay! You can quickly file Form 8868 for an automatic 6-month extension!

Form 8868 is used by nonprofit groups, charities, and other tax-exempt organizations to get an extension of time to file their federal tax return.

Filing this form with us by your Form 990 deadline will result in a 6-month extension of time to file your Form 990 and avoid IRS penalties. But don’t delay, you must file your IRS Form 8868 tax extension today in order to get the automatic 6-month extension.

The Easiest Way to File

ExpressTaxExempt eliminates the worry about missing your Form 990 filing deadline! With our simple, interview style e-filing process, you can complete your form and instantly transmit it directly to the IRS.

We offer easy e-filing for Form 990 Series returns (Form 990, Form 990-N (e-Postcard), Form 990-EZ, and Form 990-PF) so you can quickly file the correct 990 Form for your organization. For more information on e-filing pricing, click here.

Follow the simple step-by-step guide to create your free account, enter basic information about your organization, complete the form interview, review your information and audit report, pay for your form, and transmit it directly to the IRS. The entire process is completed in 5 simple steps!

E-File Form 990 Today!

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Everything You Need To Meet the June 15th Deadline 🙌🏾

This is a guest post from TaxBandits, an Authorized IRS e-file solution designed to handle the needs of tax-exempt organizations and small businesses.

Can you believe it has almost been a month since the big nonprofit tax return Form 990 deadline on May 15! This was the nonprofit tax return deadline for those nonprofits who operate on a typical calendar tax year.  However, if your organization operates on a fiscal tax year starting in February your IRS Form 990 is due June 15th! Hint hint; nudge nudge; that is THIS Friday. 😧  

So to help those of you still needing to file, we wanted to share everything you need to meet the June 15th deadline. 

Everything You Need To Meet The June 15th Deadline 

What is Form 990?

IRS Form 990 is the annual financial and informational return filed by all tax-exempt nonprofit and charitable organizations. Your organization's type and financial situation will decide which nonprofit tax return Form 990 you will file.

There are four types of 990 Forms in the Form 990 Series. Select and e-file the appropriate nonprofit tax return Form 990 based on the following requirements:

Form 990-N (e-Postcard) - For organizations reporting gross receipts less than $50,000

Form 990-EZ (Short Form) - For organizations reporting gross receipts less than $200,000 and total assets less than $500,000

Form 990 (Long Form) - For organizations reporting gross receipts equal to or greater than $200,000 and total assets equal to or greater than $500,000

Form 990-PF - For organizations identifying as an exempt private foundation, taxable private foundation, or a nonexempt charitable trust treated as a private foundation.

Preparing For The June 15 Deadline

Have Necessary Documents on Hand

Before filing your organization’s 990 Form, make sure you have located and organized all your required information. Trust me, being organized will make this process so much easier and less time-consuming.

Depending on which Form 990 you are required to file, you may have to report various details such as revenue and expense amounts, program services, a list of employees, financial statements, governance and more.

Know What Information You Need

Well since we’re on the topic of required information let’s go ahead to get to it. Here’s what you will need when you file your 990 Form with TaxBandits:

Information Needed To File Form 990-N
Employer Identification Number Legal Name Fiscal year period	Principal Officer Current Address Gross Receipts under $50,000

Information Needed To File Form 990/990-EZ/990-PF
EIN Legal Name Fiscal year period Current Address Contact number Exemption type List of Officers and Key Employees Prior year return Contributions for the past 5 years Other Revenue details Expenses Investment Income details Numbers of Employees, Contractors & Volunteers	Organization’s Mission Accomplishments for the year (Grants Paid, Projects finished, etc.) Donor Advised Fund Information Endowment Funds Information Assets (Art, Historical treasures, etc.) Policies Details of Activities (Political, lobbying, foreign transactions, etc.) Related organizations

The Comprehensive Guide To Filing Form 990

Now that you know how to prepare your IRS Form 990 you can easily file with the help of TaxBandits. We support your organization by providing a simplified, interview style filing process, automatic schedules and worksheets, retransmit rejected returns for free, support prior year filing and more!

Be sure to check out The Comprehensive Guide To Filing A 990 Tax Form For Your Nonprofit; a great resource which gives you everything you need to know about IRS Form 990 and how to file it!

File IRS Form 990 Online

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E-File Form 8868 If You Need A Little More Time

You’ve probably picked up on the fact that we have been heavily focused on the upcoming Form 990 due date on May 15 for nonprofit and tax-exempt organizations. In the last few days, we have gone over [almost] everything 990 related, but what if you are not quite ready to file your beloved organization's IRS Form 990?

ExpressTaxExempt understands how busy and difficult it can be running a nonprofit organization. Adding tax filing deadlines to your to-do list isn’t always easy or manageable.

Your organization helps those in need, now let us help you e-file Form 8868 if you need a little more time.

Easy Way To Receive Extra Time To File IRS Form 990

The most recognized and discussed deadline day for nonprofits is May 15th. Each year on this date, exempt organizations operating on an annual tax year from January - December must file their Form by this date. If not, hefty late or failure-to-file penalties are “waiting for you at the door.”

That’s where tax extension Form 8868 comes in! If you file IRS Form 8868 by the original 990 due date on May 15th, your organization will automatically receive an additional 6 months time to file.

To avoid penalties, you must file the tax extension Form 8868 by midnight on the 990 due date [May 15, 2018]. Filing IRS Form 8868 is quick and easy. Here’s how you can file:

How To File IRS Extension IRS Form 8868

1. Register or sign in with ExpressTaxExempt
2. Add organization's basic information such as name, EIN, address, and contact number
3. Select the IRS form which you are applying for the tax extension
4. Enter your organization's tax year period
5. Choose your tax extension type and provide information for signing authority
6. Review your return and fix any errors
7. Pay and transmit to the IRS

Easy, right?! The great thing about tax extension Form 8868 is that you can file it in advance and be completely stress-free on the 990 due date, May 15, 2018. Your extended 990 due date will be November 15, 2018...you can’t beat a deal like that!

It only takes a few minutes to apply for an extension using ExpresssTaxExempt. Take the first step to getting more time to file by signing up for a free account. 

File Tax Extension Form 8868 Now!

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How to Keep Your Tax-Exempt Status With IRS Form 990

Let’s face it, nobody likes filing their taxes. (Well except for accountants, possibly) In just a few days nonprofits working on a typical fiscal year will have their big IRS Form 990 deadline. There are plenty of rules/regulations that come with it and failing to meet them could cost severe penalties. I am sure this is not your favorite subject but it is surely an important one. We will simplify as much as possible while showing you how to keep your tax-exempt status with IRS Form 990.

How to Keep your Tax-Exempt Status With IRS Form 990

To maintain your 501(c)(3) tax-exempt status, the IRS requires you to file an annual tax report. There are different variations of IRS Form 990 based on your nonprofits size and financial situation. But no matter the size or type your organization will need to file some type of Form 990.

Which 990 Form Should I File?

Just because your organization is tax-exempt it doesn’t mean the IRS or the general public doesn’t want to know more about your donations. Really quite the opposite actually. Being open and honest about your finances is part of being both accountable and transparent.

The type of IRS Form 990 you are required to file is dependent on your organization's total gross receipts and/or assets.

Form 990:

If your tax-exempt organization's gross receipts are greater than $200,000 and your total assets (art, historical pieces, etc.) are greater than $500,000 then this is the form you are searching for.

Form 990-EZ:

If your charitable organization's gross receipts were less than $200,000, and your total assets are less than $500,000 you will need to file Form 990-EZ.

Form 990-N:

If your organization's gross receipts for the previous fiscal year was less than $50,000, then this form is for you. This one is actually very different from the other types and is referred to as an e-Postcard. 

When Is The Deadline For Filing 990?

Your IRS Form 990 deadline is the 15th day of the 5th month after your tax year ends. So if you tax-exempt organization runs on a typically fiscal year, your deadline is May 15th!

Form 990 Deadline:

May 15th, 2018

What Happens If I Fail To File?

So, what happens if you don’t file your IRS Form 990? If you fail to file or submit your form late there is a $20 penalty pre-day up to $10,000 or five percent of your organization total gross receipts.

Sounds like a big mess, right?.... Moral of the story --- try to file by the deadline. That’s all I am going to say.

Click To File Online:

IRS Form 990-N

IRS Form 990

IRS Form 990-EZ

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How to Decipher Your IRS Form 990 Schedule L

Without a doubt Form 990 Schedule L, Transactions With Interested Persons is one of the most challenging Schedules available to nonprofit organizations. Your organization must first determine who qualifies as an “interested person,” before choosing which transactions or donations should be reported. Here is your guide to deciphering your IRS Form 990 Schedule L.

How to Decipher Your Form 990 Schedule L

The purpose of 990 Schedule L is to provide information on certain donations or arrangement between your organization and any “Disqualified Individual.” This could be any person who was in a position that could use significant influence over your organization during the lookback period. The lookback period is the five years before the donation or transaction occurred.

990 Schedule L is also used to determine whether any members of your organization's board or governing body is independent. 

Examples of Disqualified Persons:

• Former or current directors, officers, trustees, or key employees
• Founder of your tax-exempt organization
• Family member of influential leaders listed above
• Controls more than 35% of the organization

While the Internal Revenue Service might not require precise information on other schedules they do have the authority to ask in-depth questions when filing Schedule L. Many of the questions on Schedule L require additional explanations, disclosure, and descriptions which should be filed Schedule O.

It is not necessary that the individual exercise substantial influence, only that the person is in a position to do so.

When 990 Schedule L Due Date?

Your complete IRS Form 990 with all required schedules are due the 15th day of the 5th month after your tax year ends. So if your nonprofit organization runs on a typically fiscal year running from January to December your deadline is May 15th!

Form 990 Deadline:

May 15th, 2018

File Your Nonprofit Tax Return Form 990

ExpressTaxExempt is an IRS-Authorized e-file provider of all Form 990 variations, and we will automatically include any Schedules required. Our step-by-step interview-style process is equipped with built-in audits to ensure error-free filing.

File IRS Form 990!

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What You Need To Know About IRS Form 990

For many tax-exempt organizations, this is the most dreaded time of year. The long, mind-numbing hours spent grueling over IRS Forms. As you check, recheck, and then triple check making sure all of your information is correct before filing. You take pride in your nonprofits transparency and want that to be known to the general public. But oh the paperwork. You have a list of plans for your organization, and the last thing you want to do is decipher IRS terminology (seems like another language altogether).

But filing your IRS Form 990 doesn’t have to be that bad if you know what information you need and where to go to file. Here is what you need to know about IRS Form 990, so you can get back to helping your cause.

What You Need To Know About IRS Form 990

If you are like any good red-blooded American, the voice in the back of your head is asking “Do I really have to do this?” Short answer: Yup! The fact of the matter is that all tax-exempt organizations with 501(c)(3) status are required to file an IRS Form 990 annually. This is regardless of the amount of donations you receive. If you are unsure about your filing requirement, the Internal Revenue Service offers a list of qualifications if you would like to double check before going forward.

Don’t worry I’ll wait…….. So yeah you need to file, right? No worries, thousands of organizations around the country need to file annually, and your public will thank you for the openness.

What Type of Form 990 Variation Do I File?

While the names might seem confusing, they are fairly straightforward.

Form 990:

The one and only, the original Form 990. If your tax-exempt organization's gross receipts are greater than $200,000 and your total assets (art, historical pieces, etc.) are greater than $500,000 then this is the form you are searching for.

Form 990-EZ:

If your charitable organization's gross receipts were less than $200,000, and your total assets are less than $500,000 you will need to file Form 990-EZ.

Form 990-N:

If your organization's gross receipts for the previous fiscal year was less than $50,000, then this form is for you (Form 990N). This one is actually very different from the other types and is referred to as an e-Postcard. 

Before You Start Filing

Before you go charging in make sure you have all of the important information you will need to file. This will include the following information:

• EIN (Employer Identification Number) 
• Tax Period
• GEN (Group Exemption Number) 
• You will also need information to fill out any required schedules for your organization 

990 Schedule A:

Every tax-exempt organization needs to file 990 Schedule A. This will tell the IRS more about what type of nonprofit you are, like government, education, environmental, or safety organization. You will also include information about your public support. So this is where you will include information about any gifts or grants you have received in the past year and where they came from. 

990 Schedule B:

Form 990 Schedule B is based on your contributors (or donors). The rule of thumb is if you receive more than $5,000 from any single donor you are required to file 990 Schedule B.

While these are the most popular schedules, there are 14 other that you could be required to file. These are all specific to the nonprofit type. For the full list of 990 Schedules and explanations click here to visit the IRS website. 

When Is The 990 Due Date?

Well, I am glad you asked. Your IRS Form 990 deadline is the 15th day of the 5th month after your tax year ends. So if your tax-exempt organization runs on a typical fiscal year, your deadline is May 15th!

Form 990 Deadline:

May 15th, 2018

IRS 990 Filing For Nonprofits

Now that you have all the information you need, it is finally time to fill out the form. While you could always go the paper filing route, I do not recommend it for several reasons. But the primary concern is that it takes a lot more time to file on paper, and you run the possibility of making mistakes.

You could always file using an IRS-authorized e-file provider like, oohhh I don’t know ..... ExpressTaxExempt. (Hint hint) On top of being approved and trusted by the IRS, we are also partnered with GuideStar. So when you file your IRS Form 990 with us, we will immediately send your information to GuideStar. Instead of waiting months for your form to be processed and then transmitted, GuideStar will immediately publish your information once approved.

But wait there's more! Our step-by-step interview-style process is equipped with built-in audits to ensure error-free filing. And we will automatically include any schedules that are required for filing. Say goodbye to long, mind-numbing hours it used to take to file your IRS Form 990 and say hello to your new friend, ExpressTaxExempt.

File IRS Form 990 Today!

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