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Form 990 Series Filing Phase-In Schedule
|
2008 Tax Year
(filed in 2009 for 2009) |
2009 Tax Year
(filed in 2010 for 2009) |
2010 Tax Year
(filed in 2011 for all later years) |
| 990-N |
Gross Receipts ≤ 25K |
Gross Receipts ≤ 25K |
Gross Receipts ≤ 50K |
990-EZ or
990 |
Gross Receipts
< 1M/Total Assets
< 2.5M
|
Gross Receipts
< 500K/Total Assets
< 1.25M
|
Gross Receipts
> 50K/Assets < 200K
Total Assets < 500K
|
| 990 |
Gross Receipts
≥ 1M/Total Assets
≥ 2.5M
|
Gross Receipts
> 500K/Assets
≥ 1.25M
|
Gross Receipts
≥ 200K/Total Assets
≥ 500K
|
| 990-PF |
All private foundations must file every year |
When the IRS revised the, Form 990 Return of Organization Exempt From Income Tax, beginning with the 2008 tax year, they scheduled a compliance phase-in over a three year period. Filing for the 2010 tax year will be the final step and all subsequent years will be based on the 2010 schedule.
The goal of the newly revised Form 990 and expanded filing requirements has been to improve compliance, produce greater transparency and reduce the filing burden on nonprofit organizations.
An important provision of the new IRS regulations is that ALL tax exempt organizations are required to file some version of the 990 annually. Under section 6652(c)(1)(A), a penalty of $20 per day, not to exceed the smaller of $10,000 or %5 of the gross receipts of the organization for the year, may be charged when a return is filed late or filed incorrectly, unless the organization can show that the late filing was due to reasonable cause. Failure to file for three consecutive years will result in revocation of the organization's tax exempt status.
Most small organizations that have annual revenues of $25,000 or less can meet the IRS filing requirement by completing a simple online form, referred to a Form 990-N (also known as the e-postcard). The form is available at the following website, which is operated by the Urban Institute, a nonprofit organization: www.epostcard.form990.org. The form asks for a few basic pieces of information and takes only a few minutes to complete.
Completing the e-Postcard requires the eight items listed below:
- Employer identification number (EIN), also known as a Taxpayer Identification Number (TIN)).
- Tax year
- Legal name and mailing address
- Any other names the organization uses
- Name and address of a principal officer
- Web site address if the organization has one
- Confirmation that the organization's annual gross receipts are normally $25,000 or less
- If applicable, a statement that the organization has terminated or is terminating (going out of business)
Please feel free to call our office if you have any questions about state or federal reporting requirements for nonprofit organizations.
Nonprofit Support Services
541-342-6336
