Tax-Exempt Organizations to File by May 15, 2014

The tax-exempt organizations must remember to file with the IRS before the May 15th filing deadline. They need to file with Form 990. The IRS has issued an alert to the tax-exempt organizations that they are not required to include their Social Security Number (SSN) or personal information on Form 990. The IRS has also advised them to use electronic filing instead of paper filing for a fast and convenient filing.

Since the information that tax-exempt organizations share with the IRS is required to be publicly disclosed, including the SSN and personal information on the form could lead to identity theft. The Forms 990, 990-EZ and 990-PF are marked ‘Open to Public Inspection’.

Tax-exempt organizations need to file a Form 990 on the 15th day of the fifth month after their tax year ends. Some organizations use the calendar year and some use the tax year to determine the deadline for filing. According to the calendar year, the filing deadline falls on May 15th, 2014.

Those tax-exempt organizations that do not comply with the IRS’ reporting requirements for three consecutive years will have their exempt status automatically revoked. In 2007, a new annual filing requirement imposed for small tax-exempt organizations. Churches and church-related organizations do not need to report to the IRS annually. 

Those organizations with an annual receipt of $50,000 or less are not required to share extensive information. They can simply use Form 990-N (e-Postcard) where they only need to share basic information. Those with an annual receipt of more than $50,000 need to file either Form 990 or 990-EZ depending on their assets and receipts. Private foundations may use Form 990-PF.

If you believe that you will not be able to file on time, it is best to seek an extension to file. Those filing Form 990-N (e-Postcard) cannot get an extension.

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