How To Be A Winner On Deadline Day

This is a guest blog post from our sister product, TaxBandits; another great tax filing solution for nonprofits and small businesses.  

Exempt organizations with a fiscal tax year that ended on October 31, 2017, are required to file a Form 990 by today, March 15.

 
If this deadline applies to you and you just realized that your tax exempt organization’s Form 990 is due today, your heart may have just skipped a beat.  

Before you have a breakdown or panic attack, we have some good news for you!

TaxBandits has the best solution for your last minute tax filing needs.

Being a winner on deadline day is easy when you file with TaxBandits. We’ll show you how to successfully e-file your 990 forms at the last minute like a champ!

If your organization is required to handle 990 e-filing by March 15 and you are running out of time, your best bet is to file your appropriate 990 Form with TaxBandits quickly or simply file Form 8868 for an extension of time to file. 

 
Both forms are due by midnight so let’s make a deal--Form 990 or Extension Form 8868?

Let’s Make A Deal: How To Be A Winner on Deadline Day

Before we reveal the grand prize let’s discuss the difference between both forms to determine the best option for you.

Form 990 Series

There are four variations of Form 990 included in the Form 990 Series. Each form provides information on specific types of exempt organizations:

Form 990

Filed by organizations with gross receipts more than or equal to $200,000 or total assets equal to or greater than $500,000.

Form 990-EZ

The Short Form Return of Organization Exempt From Income Tax filed by organizations with gross receipts less than $200,000 and $500,000 in total assets.

Form 990-N

Organizations with gross receipts that are less than or equal to $50,000 file this form electronically.

Form 990-PF

Filed by Exempt & Taxable Private Foundations as well as Non-Exempt Charitable Trusts which the IRS treat as private foundations.

Get More Time To File

If you need more time to file Form 990, that’s okay! Wouldn’t it be nice to have more time make sure all your “I’s” were dotted and “T’s” crossed before filing? Well, you’re in luck because you can 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.

Late Filing IRS Penalties for Form 990

Failing to file Form 990 or Form 8868 will result in major IRS penalties, depending on the size of your organization.

If your gross receipts are less than $1,000,000 for the tax year, you will be fined $20 per day with a maximum penalty of $10,000 or 5% of your organization’s gross receipts depending on which is amount is greater.

If your gross receipts exceed $1,000,000 the IRS penalty increases to $100 per day with a maximum fee of $50,000.

It’s Game Time...Let’s Make A Deal!

Although tax filing matters are not a game, TaxBandits specializes in offering resources to our users in an enjoyable way to help make tax filing simple and stress-free.

With the help of TaxBandits, you don’t have to worry about missing your Form 990 deadline because of our interview style e-filing process and tax software that will help you complete your federal tax return and instantly transmit it directly to the IRS in no time.

All you have to do is 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. Complete the entire process in 5 simple steps!

Filing Extension Form 8868 is even easier! Before you know it, you will have extra time to file your Form 990 and maintain tax-exempt status. 

And The Winner Is...

GIF via GIPHY

You get a deal...and you get a deal...EVERYBODY GETS A DEAL!!

Luckily, this game is setup for a “win-win.” You can either easily e-file Form 990 today and stay compliant with the IRS or file an extension and get extra time to handle your tax filings. Either way, YOU WIN!

So head on over to TaxBandits and accept your grand prize for the March 15 deadline.

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Filing Just In Time For The March 15 Deadline

The go-to word for this season of life seems to be “deadline!” It seems like every time you turn around there’s a new deadline on the horizon. Well this time around it is the March 15 deadline for applicable exempt organizations who file Form 990.

Tax exempt organizations with a fiscal tax year that ended on October 31, 2017 are required to file a 990 Form by Thursday, March 15th. Yes, that’s this this Thursday!

Before you have a panic attack, ExpressTaxExempt is here to provide you with some last minute filing tips that will help you file just in time for the March 15 deadline.

Filing Just In Time For The March 15 Deadline

Before we go into the useful tips, the first thing you’ll need to do in order to file on time is to create a free ExpressTaxExempt account.

This account will give you access to our easy-to-use e-filing guide where you can instantly complete your Form 990 and transmit it directly to the IRS.

1) Know Your Deadline

If there’s nothing you take away from this blog [besides the fact that you should file with ExpressTaxExempt - Lol!], it’s knowing when your 990 Form is due and how to file it.

An organization that has a calendar tax year operates for 12 consecutive months and ends in December; meaning that their Form 990 is due annually on May 15.

Organizations with a fiscal tax year, meaning it operates for 12 consecutive months but ends in any month besides December, have their Form 990 due five months and 15 days after their tax year ends.

If your fiscal tax year ended in October then your Form 990 is due by March 15th. 

2) Request More Time to File

If you’re in a time crunch just 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 their return. By simply filing this form with us by your original Form 990 deadline you will get an automatic 6-month extension of time to file your Form 990. 

3) Organize Your Information

Although it doesn’t take long to file Form 990 with ExpressTaxExempt, the process is even quicker when you have your information prepared ahead of time.

In order to file you will need your organization details, program services, revenue, expenses, supplemental financial statements, net assets balance sheets, a list of employees, and tax compliance with governance, management, and disclosures.

4) File With ExpressTaxExempt

Forget about spending hours trying to figure out complicated tax forms or paying for an expensive accountant to handle it for you. Just create your free ExpressTaxExempt account and follow our step-by-step e-filing instructions to complete your Form 990 in a matter of minutes.

We’ve taken the time to design a quick and easy e-filing method that eliminates the time-consuming process of having to deal with extra steps. Plus, we provide helpful text along the way to answer all of your questions!

We also offer exclusive e-filing features to simplify the entire process. For example, you can use the bulk upload feature to upload all of your information at once.

Also, our internal audit check will catch any basic mistakes before your Form 990 is transmitted to the IRS. 

Filing just in time for the March 15 deadline is easy when you do it with ExpressTaxExempt. Let us help you this tax season!

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