Form 990 and 1023 Filing Requirements

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Discover the purpose and types of Form 990, learn about filing deadlines and extensions, avoid penalties for late submission, and find helpful user guides for Form 990-N. Stay informed on revocation and reinstatement guidelines to maintain tax-exempt status.

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Form 990 & 1023 - The Good, Bad & the Ugly! Stf/C Ruth Witztum, JN R/C James Harden, JN

TOPICS Purpose of Filing Types of 990 Forms Filing 990-N 990-N Users Guide TR-1 form due to Headquarters Revocation and Reinstatement

Purpose of the 990 Form 990-series returns are not tax forms The primary purpose is to provide the IRS and public information about your organization. Form 990 data is open to public inspection.

TYPES OF FORMS Form 990-N - Organizations with $50,000 or less in annual gross receipts can file electronically Form 990-EZ Organizations with less than $200,000 in gross receipts and total assets less than $500,000

TYPES OF FORMS Form 990 Organizations with $200,000 or more in gross receipts or total assets of $500,000 Form 990-PF - Private foundations of any size Note: Gross receipts are the total amount received from all sources before you deduct any costs or expenses

Filing the 990 990-series returns must be filed by the 15th day of the 5th month after the end of the organization s tax year. What if you need a little more time? Any Form 990 or 990-EZ filer can file Form 8868 to receive an automatic 6- month extension

Filing the 990 If your organization fails to file by the due date or the approved extension date, you may incur failure to file penalties. No penalties on late filing of 990-N

USERS GUIDE TO 990N 990N User Guide & Link to form https://www.irs.gov/pub/irs- pdf/p5248.pdf

TR-1 Required form

Revocation and Reinstatement Revocation Every exempt organization that fails to file for three consecutive years will lose its exemption on the due date of the third annual return or notice. It s called revocation.

Revocation and Reinstatement Revocation The automatic revocation process looks all the way back to the organization s formation date to determine the three- year non-filing period. If your tax-exempt status is revoked, the IRS will send a notice of revocation. If you receive one, don t wait! The sooner you do it, the easier to be reinstated.

Revocation and Reinstatement Reinstating Tax-Exempt Status Per Proc 2014-11 specifies the ways in which tax-exempt status can be reinstated. The process followed depends on the type of 990 filed and how quickly the entity acts after getting notice of revocation.

Revocation and Reinstatement Streamlined Process Available if: Organization files 990-N or 990-EZ Organization files for reinstatement within 15 months of notice of revocation, and No previous revocation of tax-exempt status for non-filing

Revocation and Reinstatement Streamlined Process For Reinstatement File form 1023-EZ or 1023 Pay applicable user fee of $275 (1023-EZ) or $600 (1023), and If 990-EZ filer, file all missing returns, with no late filing penalties. 990-N filers do not file back returns

Revocation and Reinstatement Form 1023 & 1023EZ 1023 and 1023-EZ Application for recognition of tax-exempt 501(c)(3) Both filed electronically, but EZ is simpler. No document submission and lower filing fee. Part V of EZ relates to reinstatement after revocation for non- filing

Revocation and Reinstatement Form 1023 & 1023EZ Form 1023-EZ is available if you answer no to the list of questions. Most importantly, past and future gross receipts are expected to be less than $30,000 annually and total assets less than $250,000

FORM 1023EZ 1023-EZ Reinstatement Form www.irs.gov pub irs-pdf f1023ez

Revocation and Reinstatement Non-Streamlined Process (Within 15 mths of Revocation) Used if filed 990 Must file 1023 with user fee, all missing returns, with no late filing penalties Also requires a statement by an officer under penalties of perjury of the reasonable cause for non-filing for one year and of the steps taken to prevent revocation

Revocation and Reinstatement Retroactive Reinstatement (After 15 mths of Revocation) Same as non-streamlined process but must supply reasonable cause statement for all 3 consecutive years of non-filing.

Revocation and Reinstatement Postmark Date Reinstatement Submit 1023 or 1023-EZ with user fee. Treated as tax exempt only from date of application. Organization is taxable entity from date of revocation letter until date of application