ROCK HILL, SC / ACCESSWIRE / May 15, 2024 / Today is significant for nonprofits and tax-exempt organizations - it's the deadline to e-file their 990 series returns with the IRS. Not meeting this deadline could have serious consequences, impacting their tax compliance and, in turn, how they're viewed by the public. It's essential for maintaining trust and credibility within their communities.

Organizations with a 990 Series Deadline Today

According to the IRS, nonprofits that have obtained tax-exempt status must file their 990 return on or before the 15th day of the 5th month following the end of the organization's accounting period. This means that today (May 15, 2024) is the deadline for organizations that follow the calendar tax year, with an accounting period that ended on December 31, 2023.

Also, organizations that filed an 8868 extension for their deadline on November 15, 2023, are required to complete their 990 filings by today.

990 Series Returns that are Due Today

It's important to note that the 990 series comprises different forms, and organizations must choose and file the one that applies. Here are the criteria for filing each of the 990 forms.

Form 990-N - Applicable to organizations with gross receipts of $50,000 or less.

Form 990-EZ - Applicable to organizations with gross receipts < $200,000 and assets < $500,000.

Form 990 - Applicable to organizations with gross receipts of $200,000 or more (or) assets of $500,000

Form 990-PF - Applicable to organizations classified as Private Foundations.

Form 990-T - Applicable to organizations with unrelated business income of $1000 or more.

In addition to these 990 forms, nonprofits may also be required to file certain other forms with their state agencies to fulfill their annual filing obligations at the state level. For instance, nonprofits that originate and operate in the State of California must file CA Form 199 with FTB on or before May 15th.

If the organizations aren't ready to meet the deadline, they always have the option to request an extension from the IRS using Form 8868. Upon filing 8868, the IRS will grant an automatic extension of up to 6 months.

Failing to file a 990 or extension on or before this deadline may result in penalties ranging from $20-$120 / each delayed day for nonprofits. Moreover, if a nonprofit fails to file a 990 return for three consecutive years, its tax-exempt status will be revoked by the IRS.

Tax990 - Stress-Free Filing Guaranteed with Acclaimed Features

With less than 12 hours remaining to file, organizations can count on Tax990 to fulfill their 990 filing obligations efficiently and conveniently. Here are several noteworthy features of Tax990.

Automatic Inclusion of Required Schedules for Free

Clients who choose Tax990 only pay for their main form, with all additional Schedules included at no extra cost

Simplified 990 Form Preparation

Filling out 990 returns typically consumes considerable time. However, with today being May 15th, the deadline, Tax990 provides two different filing options - Form-Based and Interview-Style Filing - allowing clients to choose the method they're most comfortable with. Additionally, clients who have previously filed a 990 return with Tax990 can opt to copy certain data from last year onto the current year's return.

Furthermore, Tax990 offers Excel templates for clients to upload a portion of their filing data at once, streamlining the process and eliminating the hassles of manual entry.

An Emphasis Placed on Accuracy

With its built-in error check system, Tax990 audits completed forms for any errors based on the IRS Business Rules, ensuring accurate returns before transmission.

Free Retransmission of Rejected Returns

In instances where the IRS rejects a 990 return due to errors, Tax990 allows clients to retransmit those returns without incurring additional fees.

Staff Management for Delegating Filing Responsibilities

Tax990 enables clients to invite their staff members, assign them specific roles, and delegate filing responsibilities, enhancing productivity and ensuring timely submissions. This feature can be particularly beneficial for tax professionals.

Seamless Options for Obtaining Approvals and E-signatures

Tax professionals preparing 990 forms for their clients can share the completed returns with them for approval. Additionally, they can easily obtain their clients' e-signature authorization through Form 8453-TE or Form 8879-TE.

Abundant Guidance and Dedicated Support

The software comprises step-by-step instructions throughout the filing process to guide the clients. For questions during the filing process, clients can contact the dedicated Tax990 customer support team via live chat, phone, and email.

When asked about the upcoming deadline, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises (parent company of Tax990), responded by stating, "In light of today's deadline, our dedicated customer support team will be working extended hours to assist our clients as needed in the 990 filing process, ensuring they meet their deadline, even if filing at the last minute. We encourage nonprofits of any size to begin using Tax990 for our advanced security and intuitive filing solution.."

Nonprofit organizations and tax professionals can begin their 990 e-filing journey today by creating a free account at Tax990.com.

About Tax990

Tax 990 is the premier, IRS-authorized e-file provider of nonprofit tax forms. Tax990 provides solutions for nonprofits that are required to file Form 990-N, 990-EZ, 990, 990-PF, 990-T, 8868, California Form CA-199, and 8038-CP with the IRS. With advanced features and affordable pricing, the goal of Tax990 is to help nonprofits file easily, so they can keep doing good.

About SPAN Enterprises

Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.

The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.

For all media inquiries, please contact Stephanie Glanville, Content Writer, at stephanie@spanenterprises.com.

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SOURCE: Tax990