ROCK HILL, SC / ACCESSWIRE / September 16, 2024 / Today, September 16th, marks the deadline for various nonprofit organizations across the U.S. to fulfill their Form 990 reporting requirements. Typically, the deadline falls on the 15th, but as it landed on a Sunday this year, nonprofits have until today to submit their 990 forms to the IRS.
Even though these filing requirements seem intimidating, every nonprofit must understand that its commitment to timely reporting is more than just regulatory compliance. These filings uphold its integrity and trust within the community.
Tax990, an IRS-authorized e-file provider, simplifies the 990 filing process for nonprofits and tax professionals. Its intuitive interface, streamlined features, and dedicated customer support ensure remarkable efficiency, setting a standard in serving nonprofits to fulfill their tax compliance.
Who Must File 990 By Today?
If a nonprofit fits into one of the following categories, they are subject to meet today's deadline:
Organizations with Fiscal Tax Year - Nonprofit organizations operate on a fiscal tax year from May 1 to April 30.
Organizations Extended the Deadline - Organizations that received a 6-month extension using Form 8868 for the original deadline of March 15, 2024.
Which Forms Are Due Today?
Depending on the organization's financial status and structure, they need to file the appropriate version of Form 990. Despite the variations, all forms share a common deadline. Here's a breakdown:
Form 990-N (e-Postcard): For small nonprofits with gross receipts of $50,000 or less.
Form 990-EZ: For organizations with gross receipts below $200,000 and total assets under $500,000.
Form 990: For organizations with gross receipts of $200,000 or more or total assets of $500,000 or more.
Form 990-PF: Exclusively for private foundations.
Form 990-T: Required if the organization has an unrelated business income (UBI) of $1,000 or more.
Consequences of Missing the Deadline
Failing to file Form 990 by the deadline can result in penalties ranging from $20 to $120 for each day the return is late, depending on the organization's structure. More severe consequences include the automatic revocation of the tax-exempt status if they miss the deadline for three consecutive years.
Simplified 990 E-filing With Tax990
Tax990 simplifies the filing process with features designed to streamline the client's filing experience:
Direct-Form Entry or Interview-Style Filing: Clients can choose the method of filling out their forms that best suits their needs for an efficient filing experience.
Internal Audit Checks: Ensure accuracy with the built-in error check system that catches errors based on the IRS Business Rules.
Free Attachment of Required 990 Schedules: The necessary schedules will be attached automatically based on the information provided at no additional cost.
Support for Prior-Year Filings and Amendments: Tax990 supports filings for the current year and the previous two years and allows filing amendments to the most recent submissions.
Instant IRS Notifications: Immediate updates on the IRS status of their 990 returns.
No-Cost Corrections and Resubmissions: Correct and retransmit rejected returns with no extra charges.
Reviewers and Approvers Feature: Share returns with organization officials and board members for final review and approval.
Tax990 also offers specialized features for CPAs and tax preparers, including team and client management, to ensure efficient management of their processes.
In addition to the Form 990 series, Tax990 supports a range of other forms that nonprofit organizations may require, including CA Form 199, Form 8868, Form 1120-POL, and Form 8038-CP.
Start the filing journey with Tax990.com today and beat this September 16 deadline with ease!
About Tax990
Tax 990 is the premier, IRS-authorized e-file provider of nonprofit tax forms. Tax990 provides solutions for nonprofits that are required to file Form 990-N, 990-EZ, 990, 990-PF, 990-T, California Form CA-199, 8868, 1120-POL and 8038-CP with the IRS. With advanced features and affordable pricing, the goal of Tax990 is to help nonprofits file easily, so they can continue to keep doing good.
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For all media inquiries, please contact Stephanie Glanville, Content Writer, at [email protected].
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SOURCE: Tax990