Exempt Organizations Need To File IRS 990 With ExpressTaxExempt

Members of a tax-exempt organization that need to file IRS 990 with ExpressTaxExempt

We think it’s pretty safe to say that there’s no place like home.

If you filed IRS Form 990 within the past year, you became familiar with our sister product TaxBandits, which helps exempt organizations tackle the world of compliance beyond IRS 990 forms.

After much consideration and feedback from awesome clients like yourself, we have decided to relaunch ExpressTaxExempt as the reigning hub for “all things 990!”

No need to worry–if you enjoyed all of the bells and whistles of TaxBandits, you can still e-file your nonprofit tax reports in the same place as you can your W-2, 1099, and even your quarterly Form 941.

Our mission at ExpressTaxExempt will always be to keep your organization compliant and exempt from taxes with simplified e-filing.

Instead of navigating through several websites for the tax-exempt forms you need, we’ve consolidated all our resources under one name and brand. Our service is dedicated to providing the best and most efficient e-filing experience for tax-exempt organizations, no matter how big or small.

Your account information will remain the same for both ExpressTaxExempt and TaxBandits, so there’s no need to worry about creating a new account and remember yet another complicated password.

Best of all, we now offer special bundled pricing which allows you to save 5% when you bundle your Form 990 filing with your 8868 Extension Form. Check out the new pricing, here.

Now that ExpressTaxExempt is back up and running like never before, come on back home and visit our website to get an early start on your IRS Form 990.

Welcome Home!

Amid popular belief, filing tax returns for your exempt organization doesn’t have to be a headache or time-consuming.

Utilizing a comprehensive e-filing software such as TaxBandits will help you maintain compliance with the IRS for your organization.

Well, the secret’s out. Form 990 filing doesn’t need to be complicated at all!

Here’s some info you should have readily available to make the process easy and simple.

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

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!

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.