All tax-exempt organizations, including 501(c)(3), 501(c)(4) and 501(c)(6) organizations, must file some variation of Form 990 with the IRS. As a reminder, if your organization fails to file Form 990 for three consecutive years, your tax-exempt status will be revoked and your organization will have to reapply for tax-exempt status.
If your organization’s fiscal year is the calendar year, your organization is required to file some version of the Form 990 by July 15, 2020 (which is the extended date because of COVID) or seek an extension.
If your total revenues were $50,000 or less, you may file Form 990-N. Form 990-N, available here, is quick, easy, and requires no financial information, but it is essential for preserving tax-exempt status.
If gross receipts for 2019 are more than $50K but less than $200K (and gross assets are <$500K), your organization may file the Form 990-EZ.
If revenues are over $200K, you must file the full Form 990.
All private foundations must file the Form 990-PF.
Special Note for determining $50,000 threshold: Some organizations may still qualify for Form 990-N even though they exceed $50,000 in total revenues in the immediately preceding tax year.
These organizations include the following:
- in existence for 1 year or less and received $75,000 or less during its first taxable year;
- in existence between 1 and 3 years and averaged $60,000 or less in gross receipts during its first two tax years; or
- at least 3 years old and averaged $50,000 or less in gross receipts for the immediately preceding 3 tax years (including the year for which calculations are being made).
Send questions to Jessica Harrison at jessica@scholznonprofitlaw.com.