Filing Form 990 is Vital for Tax-Exempt Organizations

ROCK HILL, SC / ACCESSWIRE / March 2, 2023 /Tax-exempt organizations are required to file an annual 990 return with the IRS to remain tax-compliant.

Form 990 is an IRS form that requires information about a tax-exempt organization’s finances, board member details, compensation information, and service activities. These forms are important to tax-exempt organizations as they allow both the IRS and the general public access to important information regarding these organizations.

Form 990 is intended for tax-exempt organizations with gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000. The deadline for Form 990 is the 15th day of the 5th month after the organization’s tax year ends. This means the deadline for organizations following a calendar tax year is May 15th.

If organizations fail to meet their 990 deadlines, they may face penalties from the IRS. This penalty will likely be $20 per day late for smaller organizations with gross receipts less than $1,129,000 and $110 per day for larger organizations. This penalty cannot exceed $11,000 or 5% of gross receipts for small organizations and $56,000 or 5% of gross receipts for larger organizations. If an organization fails to file for three consecutive years, its tax-exempt status will be revoked.

If an organization needs more time to file form 990, it can file Form 8868. Organizations can file with the IRS using an authorized e-file provider before their original form’s due date. They will be granted an automatic 6-month extension on their deadline.

The IRS mandates that all 990 forms be filed electronically. Organizations must choose an IRS-authorized e-file provider to file their forms through, such as Tax 990.

Tax990 supports e-filing for all 990 series forms (Form 990-EZ, 990-N, 990, 990-PF and 990-T) including the extension Form 8868. Tax990 automatically includes clients’ required 990 Schedules with their returns for free. They will generate onto your return based on the information you provide. In addition, the program includes an internal audit check that identifies errors in forms before they are transmitted to the IRS.

If a return is rejected for any reason, Tax990 filers can re-transmit them for free. Clients can also file 990 amended returns to correct or add any information to their original returns.

Along with these features, Tax 990 has a dedicated customer service team available for assistance via phone, email, and live chat and regularly publishes blogs and videos, and holds free webinars to educate clients on filing requirements and more.

CEO and co-founder Agie Sundaram said, “990 forms are extremely important to tax-exempt organizations, and Tax990 is proud to offer assistance to organizations while they file these forms.”

Tax 990 is an IRS-authorized e-file provider for IRS Form 990 Series that offers a solution for tax professionals as well as nonprofits, foundations, and other tax-exempt organizations.

SPAN Enterprises, the parent company of Tax 990, creates industry-leading solutions for IRS tax e-filing and the transportation industry. Located in the heart of downtown Rock Hill, South Carolina, SPAN Enterprises is proof that big ideas can grow and thrive in a small town.

SPAN Enterprises develops, supports, and grows powerful applications. This includes TaxBandits, ExpressExtension, Truck Logics, and more. Learn more at https://www.spanenterprises.com/.

Please direct all media inquiries to Olivia Massengale, Content Writer, at [email protected].

SOURCE: SPAN Enterprises