Tax season does not necessarily end on April 15th!
For nonprofit organizations, May 15th marks the deadline to submit their Form 990. Failure to do so (or file an extension) could result in the withdrawal of their tax-exempt status.
Posted on the Meridian Star on April 26th; By David Compton:
“With some exceptions, such as qualified churches and certain other religious organizations, every nonprofit is required to complete Form 990, 990-EZ, or 990-N. Private foundations must file Form 990-PF.
The good news is that filing your charity’s return might be easier than you think. A nonprofit with annual gross receipts of $50,000 or less can file Form 990-N, known as the “e-Postcard.” Form 990-N has eight questions and is filed electronically. Nonprofits with gross receipts of less than $200,000 and assets under $500,000 can use Form 990-EZ. Larger organizations must use the standard Form 990. If your charity runs a business to help raise funds, you may also need to file Form 990-T to report and pay tax on income from those sales.”
Davis and Hodgdon Associates CPAs has been assisting nonprofits, individuals and businesses with tax, accounting, and financial planning services in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].