A REVIEW OF NONPROFIT ORGANIZATION FILING REQUIREMENTS
Monday is the deadline for calendar year organizations to file (or extend) their form 990. It is therefore an appropriate time to review state and federal filing requirements. We continue to encounter organizations who have not kept up with their required returns.
A recognized nonprofit must file a form 990 with the IRS. There are three types of form 990. Your form depends on your income and assets. The smallest organizations (less than $50,000 gross revenue) can file an electronic postcard, which a short series of questions you answer on the IRS website. Other organizations can file form 990-ez, which is 4 pages. The largest organizations must file a full form 990.
The return is due 4 1/2 months after the close of your fiscal year. Therefore, calendar year organizations must file or extend by Monday. We strongly recommend that you send the return certified mail. If you need to extend your filing date, you fill out part 1 of IRS form 8868. You can get an automatic extension of 3 months.
The return for the Illinois Attorney General is due 6 months after the close of the tax year. They will grant an extension if you request in writing before the deadline and submit the form 8868 if you requested an IRS extension.
If you are late with either the IRS or Attorney General, you will pay penalties. If you have questions about the rules please give us a call.