Most nonprofit organizations have to file Form 990 every year. Here’s a quick Q&A on this important IRS form for 501cs.
What is IRS Form 990?
Form 990 is an income tax return sheet that many non-profit organization must file with the IRS every year. There are actually three Form 990s:
- Form 990 is the "long form" that nonprofits with incomes over $100,000 or assets greater than $250,000 must file
- Form 990-EZ is the "short form" that exempt nonprofits with incomes less than $100,000 and total assets of less than $250,000 can file
- Form 990-PF is for all 501(c)(3) private foundations and 4947(a)(1) non-exempt charitable trusts
Does my non-profit have to file Form 990?
Perhaps. All private foundations must file, and so must most other tax-exempt nonprofit organizations with an income over $25,000. However, most non-profits with less than $25,000 in annual income can file Form 990-N instead. If your organization is does not have a tax-exemption from the IRS, you do not need to file form 990, though you may need to file another federal tax return.
By when must I file Form 990?
There is no one due date for filing Form 990s. Instead, you must file “by the 15th day of the 5th month after" your non-profits’ fiscal year ends. For instance, if your fiscal year is the same as the calendar year (ie, ending on December 31st), your organization does not need to file form 990 with the IRS until May 15. However, just as with personal income taxes, non-profit organizations can get extensions.
PDF Files from the IRS:
