Tax Filing Tips To Stay Compliant
Some sound advice on filing taxes: Tips for maintaining compliance with the IRS
1. Know your calendar year end date. Simply knowing your calendar year end date can help you stay compliant. It’s simply. Form 990-N is due every year by the 15th day of the 5th month after the close of your tax year. Therefore, if your tax year ended on December 31, the e-Postcard is due May 15 of the following year.
2. Know if you are eligible to file 990-N (e-postcard).
Most small tax-exempt organizations that have an annual reporting requirement can satisfy the requirements by submitting Form 990-N, Electronic Notice (e-Postcard.) A small tax-exempt organizations with annual gross receipts of $50,000 or less are generally eligible to file Form 990-N (e-postcard) to satisfy annual reporting requirement.
Know what happens to your nonprofit for failure to file taxes for three consecutive years.While there is no penalty assessment for filing Form 990-N late, nonprofits that fail to file required Forms 990, 990-EZ or 990-N for
three consecutive years will automatically lose their tax-exempt status. Revocation of your tax-exempt status will happen
on the filing due date of the third consecutively-missed year.
3.Know what happens to your nonprofit for failure to file taxes for three consecutive years.
While there is no penalty assessment for filing Form 990-N late, nonprofits that fail to file required Forms 990, 990-EZ or 990-N for
three consecutive years will automatically lose their tax-exempt status. Revocation of your tax-exempt status will happen
on the filing due date of the third consecutively-missed year.
FILING 990-N (e-postcard)
Grant Professional is here to assist you in filing your 990-N (e-postcard).
You’ll need only 8 items of basic information about your organization to file form 990-N (e-postcard).
- Employer identification number (EIN), also known as a Taxpayer Identification Number (TIN).
- Tax year (calendar or fiscal filer)
- Legal name and mailing address
- Any other names the organization uses
- Name and address of a principal officer
- Website address if the organization has one
- Confirmation that the organization’s annual gross receipts are $50,000 or less
- If applicable, a statement that the organization has terminated or is terminating (going out of business)
Contact Grant Professional to help you stay compliant. We are here to file your 990-N annually to take the worry out of IRS compliance.