When Is the Filing Deadline for Form 990?

Form 990 is an annual information return that most tax-exempt organizations are required to file with the Internal Revenue Service (IRS). Its purpose is to provide the public and the IRS with a transparent view of a nonprofit’s finances, activities, and governance. This document allows stakeholders to see that an organization is operating within the rules that grant its tax-exempt status and is managing its funds responsibly.

The information reported on Form 990 includes a detailed breakdown of revenue, expenses, assets, and liabilities. It also describes the organization’s mission and program service accomplishments for the year. Making this information publicly available helps ensure accountability and fosters trust in the nonprofit sector.

Calculating the Form 990 Due Date

The filing deadline for Form 990 is determined by an organization’s accounting period, or fiscal year. The rule set by the IRS is that the return is due by the 15th day of the 5th month after the organization’s fiscal year concludes. This deadline applies to the entire Form 990 series, including Form 990-EZ and Form 990-PF for private foundations.

For organizations that use a standard calendar year for their accounting, their fiscal year ends on December 31. This makes their Form 990 filing deadline May 15 of the following year. If the due date falls on a weekend or a legal holiday, the deadline is moved to the next business day.

Organizations that operate on a different fiscal year must calculate their unique deadline. For instance, a nonprofit with a fiscal year ending on June 30 must file its Form 990 by November 15. Similarly, an organization whose fiscal year ends on September 30 will have a due date of February 15 of the next year.

Filing for an Extension

Organizations that need more time to prepare a complete and accurate return can request a filing extension from the IRS. This is done by submitting Form 8868, which grants an automatic six-month extension to file the Form 990. The IRS does not require the organization to provide a reason for the extension request.

To complete Form 8868, the organization must provide basic identifying information. This includes its legal name, Employer Identification Number (EIN), and mailing address. The form also requires the organization to specify the tax year for which the extension is being requested.

Form 8868 must be submitted to the IRS on or before the original due date of the Form 990. For a calendar-year filer, the extension request must be filed by May 15. An approved extension for a calendar-year filer would move the final deadline from May 15 to November 15.

Consequences of Missing the Deadline

Failing to file Form 990 by the deadline, including any approved extensions, can lead to financial penalties from the IRS. The penalty amount is assessed for each day the return is late and is calculated based on the organization’s annual gross receipts. For organizations with gross receipts of less than $1,208,500, the penalty is $20 per day, capped at the lesser of $12,000 or 5% of the organization’s gross receipts for the year.

For larger organizations with gross receipts exceeding $1,208,500, the penalty increases to $120 per day, with a maximum penalty of $60,000. These penalties can be charged for late filing or for submitting an incomplete return. A penalty can also be imposed on the individuals within the organization responsible for the failure to file.

An organization that fails to file its required Form 990 for three consecutive years will automatically have its tax-exempt status revoked by the IRS. Many states have their own registration and reporting requirements and may impose their own penalties for late filings.