The clock is ticking! Photo via Flickr user Elaron (Creative Commons)

Nonprofits with a January to December fiscal year probably need to file a Form 990 with the IRS by Monday, May 16.

Oops…how do I know if it’s time to file?

The deadline for 990s is 5.5 months after the end of the organization’s fiscal year. If the last time a 990 was filed was in 2008, and none has been filed since, then the new three-years-and-you’re-out rule will apply this year.

What happens if I don’t file in time?

The IRS will automatically remove the organization from the list of recognized nonprofits when this year’s deadline is missed. If you’re responsible for your organization’s filings and you’re not sure things are up to date, then now would be the time to check!

How do I file?

Here are the thresholds that dictate which version of the Form 990 to file:

• If gross receipts are normally less than $50,000 per year, then the form to use is the e-postcard called Form 990-N. You answer a few short questions online as explained at http://epostcard.form990.org/. The Urban Institute contracts with the IRS to operate the website for filing the 990-N.
• If gross receipts are more than $50,000 and less than $200,000 (and total assets are less than $500,000), then the form to use in the 990-EZ.
• Larger organizations use Form 990.

You can also file the 990-EZ and the full 990 online using tools developed by The Urban Institute. This is free for organizations with gross receipts under $100,000; there’s a fee for larger organizations.

Filing online offers many advantages: less chance of errors; no fat envelopes to mail with return-receipt requests at the post office; quicker and more efficient handling for the IRS.

I need more time!

Unless the process got underway a while ago, it may be too late to get everything done by the end of the day next Monday. If you’re a little behind, there’s just one form needed for an automatic three-month extension! All you have to do is file Form 8868 online at Form990.org.