The Internal Revenue Service (“IRS”) recently issued a press release on its website reminding tax exempt organizations to file their annual Form 990 to preserve their tax exempt status. The informational return is required to be filed by the 15th day of the fifth month after the end of the organization’s tax year. For organizations with a fiscal year end date of December 31st, the informational return is due on or before May 15th of the following year. If a tax exempt organization does not file the required annual return for three consecutive years, the organization may lose its tax exempt status. The IRS makes a list of revoked organizations available on its website, and any income received by an organization after its revocation date may be subject to tax.
Tax exempt organizations with gross receipts normally under $25,000 are required to file Form 990-N. Tax exempt organizations with gross receipts over $25,000 are required to file Form 990-EZ or Form 990. Private foundations, regardless of financial activity, must file Form 990-PF. Finally, churches are not required to file any type of Form 990 or related return.