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
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.
Labels: IRS, Tax Filing, Tax News, Taxpayers