Filing the Non-profit 990

Non-profits file the Form 990 which are due 5 months 15 days from the year-end.  A calendar year non-profit’s 990 report is due tomorrow May 15, 2012.  There are three types of 990s.  You have the 990-N for small organizations that have gross receipts of $50,000 or less.  The 990-Z is for organizations  less than $200,000 and assets less than $500,000.  Any organization over $500,000 in assets and $200,000 in gross receipts must file the 990 form.  Any non-profit organization that has income that is not related to their non-profit status must file an additional Form 990-T.  Until a few years ago, I remember that the 990 form was four schedules.  Today there are 15 separate schedules as the IRS has the non-profit organization disclosing more information to the public on the 990.  The form and schedules also make the organization’s board and trustees more responsible to the public for the information that appears on the schedules.  If you don’t file a timely 990, the IRS can revoke your non-profit.  It always best to file a 990 extension (8868) for an automatic extension of time to file.  A second extension can be requested but you have to a valid reason for extending the return.  Since tomorrow is the deadline for the 990 or the extension, have you filed your extension this year or do you timely file the 990 forms by the original due date?

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