Tax-exempted nonprofits do not have federal tax liability. Still, it is essential to file Form 990 with IRS. A properly completed Form 990 ensures that the business of the nonprofit organization is consistent with the rules and regulations of the IRS.
Form 990 also provides the public with financial information about a nonprofit organization. It is often the only source of financial information about a nonprofit and is critical for donor support.
You Need an Expert for Nonprofit Tax Compliance
Nonprofit organizations are regulated by the IRS through a myriad of tax laws and regulations. Failure to comply with these tax laws and regulations can lead to dire consequences including revocation of your tax-exempt status by the IRS, or the imposition of taxes and penalties on your nonprofit, or even your officers, directors or employees. NPSS Corporation can handle all of your Form 990 compliance requirements.
Form 990 FAQs
Form 990 is the IRS tax form that all tax-exempt nonprofits must file with the IRS annually. There are many types of 990 Forms. Making sure your nonprofit files the correct form is critical.
Even though nonprofits do not pay income taxes like for-profit businesses do, they must still file Form 990. Form 990 gives the IRS detailed financial and other information about your nonprofit. It tells the IRS how your nonprofit spends its money, operates, and whether it is in compliance with the tax laws that govern nonprofits.
Failure to file Form 990 with the IRS will likely result in a nonprofit losing its tax-exempt status.
If, like most nonprofits, your organization uses the calendar year as its tax year, Form 990 is due on May 15.
NPSS Corporation will provide you with a free quote to start your nonprofit. Call 1-888-835-0877 for your free quote or complete the information request form.
Start your Form 990 compliance today by calling 1-888-835-0877 or completing the information request form.