IRS Form 990 Preparation Service
Tax exempt organizations file form 990 annually.
File form 990 by the 15th day of the 5th month after the organization’s accounting period ends.
Failure to File Penalties
A penalty of $20 a day, not to exceed the lesser of $10,500 or 5% of the gross receipts of the organization for the year, can be charged when a return is filed late, unless the organization shows that the late filing was due to reasonable cause.
Organizations with annual gross receipts exceeding $1,067,000 are subject to a penalty of $105 for each day failure continues, with a max penalty for any one return of $53,000. The penalty applies on each day after the due date that the return isn’t filed.
Automatic revocation for nonfiling for three consecutive years. The law requires most tax exempt organizations other than churches to file an annual form 990 with the IRS. If an organization fails to file an annual return as required for 3 consecutive years, its tax exempt status is automatically revoked on the due date for filing its third annual return.
All form 990s are available for public inspection.
For preparation of financial statements or annual form 990 for your tax exempt organization, contact Tax Attorney Abtin Barzin.