IRS 990n Form: What You Need to Know?
by Chris Kyle BloggerForm 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 15th day of the fifth month following
the end of the fiscal year. For instance, if your fiscal year ends on November
1st, the form will be due no later than the following April 15th.
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/
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Created on Dec 31st 1969 18:00. Viewed 0 times.