#irsform990

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How To: 990 Tax Preparation

Your company's 990 form must be filed yearly to ensure that your business can continue to enjoy the tax exemptions of a small company. Correct tax preparation is essential, but can be difficult and confusing to do.

A variety of 990 forms are available and you should know which form your organization should file based on its gross receipts and assets.

Failing to file your 990 form does not result in any legal penalty, however, if your company fails to file the 990 form for three consecutive years, your taxation exemptions are withheld until you reapply and are reapproved. Instead of having these unfortunate circumstances come about due to lack of preparation, it is easier to hire us to handle filing this form for you accurately and efficiently.

What is the Due Date of the 990 Form?

The 990 EZ and similar forms are due on May 15 of each year. It is important that you file your tax forms on time, as late forms may not be approved that year. If the due date falls on a Saturday, Sunday, or public holiday, then the next business day is considered the official due date.

How to File Your Taxes

You can file your 990 tax preparation through its official website, though you may prefer to have a professional business handle the form for you to ensure it is completed entirely and accurately. When you are accessing the system, you actually leave the website of IRS and file the form through the Urban Institute, a trusted website partner of the IRS.

Information That is Essential For Your 990 Tax Preparation

Eight things to keep in mind when preparing your 990 documents for filing (though certain forms will require more information):

Employer identification number (EIN),     also known as a Taxpayer Identification Number (TIN).

Tax year

Legal name and mailing address

Any other names the organization uses

Name and address of a principal officer

Web site address if the organization has     one

Confirmation that the organization’s     annual gross receipts are $50,000 or less

If applicable, a statement that the     organization has terminated or is terminating (going out of business)

 This list was pulled directly from the IRS' website, and may be viewed there as well.

For more information regarding the 990 form, please visit our web page or Contact Us at 407-857-9002.