IRS Extends Filing Deadline For 2019 Form 990
As expected, the IRS has officially extended the filing deadline for 2019 Form 990.
We’ll quote the IRS’s Exempt Organization Update email newsletter from earlier this week:
Last month, the IRS announced that certain taxpayers generally have until July 15, 2020 to file and pay federal income taxes originally due on April 15. The IRS has extended this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. The extensions apply to many forms and tax payments made by tax-exempt organizations, including:
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- Form 990-series annual information returns or notices (Forms 990, 990-EZ, 990-PF, 990-BL, 990-N (e-postcard))
- Forms 8871 and 8872
- Form 5227
- Form 990-T
- Form 1120-POL
- Form 4720
- Form 8976
This is certainly welcome news for charities and nonprofits.
What isn’t explicitly mentioned in that email notice is the matter of extensions. Normally, timely filed extensions for Form 990 (Form 8868) push the return’s due date forward 6 months. For calendar year nonprofits with a normal due date of May 15, extensions automatically move the deadline to November 15. This year, even though the original due date is now July 15 for the 2019 return, extensions filed will still push the final due date only to November 15, not past it.
So, you’ve got a little more time this year. Don’t procrastinate, though. Time will zip by and you won’t have it done. Breathe a little easier, but go ahead and get on it.
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I have a question. We filed the 990N last year as our donation was under $50K for the year of 2018. However, for 2019, we received a bigger amount of donation and needed to file Form 990. I am wondering if we have to file Form 990 annually or we file it once every three years? Thank you very much!
Some version of Form 990 must be filed each and every year. As for 2019, you may or may not be required to file a longer version. Despite going over $50,000, if your 3 year average income is still under $50,000, you are allowed to file Form 990-N. If your average is over $50,000, but less than $200,000, file Form 990-EZ. If revenue in 2019 is over $200,000 (not an average), file Form 990 standard. Form 990 makes for a terrible DIY project. Call us if you need preparation assistance. It’s worth the peace of mind.
I have a question. Our non-profit had an unusually large donation which took us over the $50,000.00 cap for the 990 e-filing limit. Which form do I use this 2019 tax year
It depends on the amount. Remember that the $50,000 cap for Form 990-N is based on a three-year rolling average. So, if your average for 2017, 2018, and 2019 is under $50k, even with the large donation, you can still file Form 990-N. If your average is more than that, but less than $200k, you would have to file Form 990-EZ. Form 990-EZ is a formidable tax return that doesn’t make for a good do-it-yourself project. We recommend using a professional preparer (like us) who is an expert with nonprofit compliance filings. Good luck with it!