IRS 990n Form: What You Need to Know?

Form 990n is the document that nonprofit organizations must file yearly with the IRS if they are making $50,000 or less in gross receipts. The IRS uses this form as a tool to make sure the nonprofits are operating within the prescribed guidelines. While filing taxes in general can be confusing, the good news is that the IRS 990 n form is relatively simple and straightforward. Here's what you need to know.

Due Dates

Each nonprofit organization has its own fiscal calendar, so the due dates for form 990n will vary from company to company. The general rule is that the IRS 990 n form is due by the 15^th day of the fifth month following the end of the fiscal year. For instance, if your fiscal year ends on November 1^st, the form will be due no later than the following April 15^th. Make sure to examine your calendar and file on time, because failure to file form 990n can be costly and devastating to  your organization.

Necessary Information

Before you sit down to file your IRS 990 n form, make sure that you have the necessary information and documentation. You will need your taxpayer ID number (TIN or EIN), the legal name of your organization, any other names your organization may go by, your mailing address, the name and address of a principal officer, the organization's website address, and confirmation that gross receipts total less than $50,000. Also, if your organization has gone out of business, you will need to provide a statement saying so.

How to File

Form 990n is completely online; there is no paper version of this document. All you have to do is go to the IRS website, create a username, and complete the form online. After it is submitted, you will receive an E-mail notification stating whether or not the form has been accepted. Once the IRS accepts your form, you are all done until next year.

Penalties for Not Filing

If you choose not to file your IRS 990 n form, you will probably just receive a notice – the first time. If it happens two or three times, then the IRS will immediately revoke your 501(c)(3)/tax exempt status without further notification. As a result, you will then have to file for tax exempt status all over again, which can be costly and time consuming. A much better option is to file the form before the due date, and file it yearly.

As you can see, filing your form 990n is quick, easy, and relatively simple – and it can save your organization the headache and heartache of having to refile for tax exempt status. A good rule of thumb is to make sure you file as soon as possible after your fiscal year closes. This way you will have plenty of time to contact the IRS for help if any problem arises. For further information, visit the IRS website at IRS.gov. For specific tax information about charities and nonprofits, go to www.irs.gov/Charities-&-Non-Profits

To start filing your 990n taxes visit http://www.Etax990n.com/