What is Form 990, and who must file it?

  • Form 990 is an annual information return filed by tax-exempt & nonexempt charitable trusts as part of their annual tax filing requirements.
  • Generally, The tax-exempt organization with gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000 at the end of the tax year should file Form 990.

Gross Receipts ≥ $200,000 (or) Assets ≥ $500,000

Form Variants Available in the 990 Series:

The tax-exempt organization files its 990 forms according to its gross receipts, assets, primary source of funding, and unrelated business income. Here are the different types of 990 forms.

  • Form 990-N - Organizations with gross receipts ≤ $50,000.
  • Form 990-EZ - Organizations with gross receipts < $200,000 and assets < $500,000
  • Form 990-PF - Organizations treated as Private Foundations
  • Form 990-T - Organizations with income of $1,000 or more from unrelated businesses.

When is Form 990 Due?

  • The deadline for tax-exempt organizations to file Form 990 is the 15th day of the 5th month after their accounting period ends.
  • If your organization follows a calendar tax year, the deadline for filing Form 990 is May 15th.

Find your form 990 deadline? Find out your organization's 990 deadline.

Penalties for 990 Forms:

If the organizations haven’t filed their 990 forms by the deadline, they may end up paying penalties for late filing.

  • The penalty amount is $20 per each delayed day for organizations with gross recipes < $1,129,000. Maximum penalty = $11,000 or 5% of gross receipts.
  • The penalty amount is $110 per each delayed day for organizations with gross receipts > $1,129,000. Maximum penalty = $56,000 or 5% of gross receipts. Learn More about Form 990 Penalties

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