OUR THOUGHTS ON:

Form 990-N Submission Changes Effective February 29, 2016

Higher Education|Not-for-Profit|Tax

By Sarah Piot

On January 28, 2016, the Internal Revenue Service (“IRS”) issued an exempt organization update for those organizations required to file Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ.  The update provided that, effective February 29, 2016, the electronically filed Form 990-N will be accepted only via www.IRS.gov.

Form 990-N is required to be filed annually by small, tax-exempt organizations that normally have annual gross receipts of $50,000 or less that do not file Form 990 or 990-EZ.   The due date for the Form 990-N is the 15th day of the 5th month after the close of an organization’s tax year.   While there is no penalty for late filing of the Form 990-N, organizations that fail to file the form for three consecutive years will automatically lose their tax-exempt status.  Revocation occurs on the filing due date of the third consecutively missed year.

Prior to this update, the Form 990-N has been electronically filed through the Urban Institute’s website.   Previously registered organizations may continue to use the Urban Institute website until February 28, 2016; however, effective February 29, 2016, Form 990-N will need to be filed through the IRS.   Before submitting Form 990-N, filers will be required to complete a short, one-time registration.

Contact us if you have questions regarding Form 990-N and visit our Tax Services page to learn more about the services that we offer our clients

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments