Insights
Publications

May 15 Is Tax Filing Deadline for Many Tax-Exempt Organizations

5/8/2017 Articles

This is a reminder that tax-exempt organizations operating on a calendar-year (January 1 – December 31) have a filing deadline for Form 990-series information returns on May 15. To avoid potential penalties or risk of losing exempt status, tax-exempt organizations must comply with the filing requirements discussed below.

Risk Loss of Tax-Exempt Status for Failure to File
By law, organizations that fail to file information returns for three consecutive years will have their tax-exempt status automatically revoked, effective as of the due date of the third required filing. The Pension Protection Act of 2006 mandates that most tax-exempt organizations, including small organizations with limited funds, file annual Form 990-series information returns or notices with the IRS. Churches and church-related organizations are not required to file annual reports.

No Social Security Numbers on Forms 990
The IRS cautions filers not to provide social security numbers anywhere on their information returns. By law, both the IRS and most tax-exempt organizations are required to publicly disclose most parts of Form 990 filings, including schedules and attachments. Public release of social security numbers and other personally identifiable information about donors, vendors or beneficiaries could give rise to identity theft, as well as negatively impact an organization’s relationship with its donors.

What to File
Small tax-exempt organizations with average annual gross receipts of $50,000 or less may file an electronic notice called a Form 990-N (e-Postcard), which asks organizations for a few basic pieces of information. Tax-exempt organizations with average annual gross receipts above $50,000 must file a Form 990 or 990-EZ depending on their receipts and assets. Private foundations must file Form 990-PF.

Filing Extension Available
Organizations that need additional time to file a Form 990, 990-EZ or 990-PF may obtain an automatic six-month extension. Use Form 8868, Application for Extension of Time to File an Exempt Organization Return, to request extensions. The request for extension must be filed by the due date of the return. Note that no extension is available for filing the Form 990-N (e-Postcard). Private foundations and organizations that owe unrelated business income tax must pay estimated taxes when requesting an extension.

Additional Information
The IRS provides extensive information about filing requirements and forms on its website.

Firm Highlights

News

17 Firms Join Crowell in Seeking Trump's Removal

Farella is among 17 law firms joining Crowell & Moring in sending a joint letter to Vice President Mike Pence to call for President Donald Trump’s immediate removal from office and to urge Pence to invoke the 25th...

Read More
Event

Cannabis IP: Using Intellectual Property to Protect Your Assets and Grow Your Business

Join Nate Garhart and Ashley Roybal-Reid in the discussion on "Cannabis IP: Using Intellectual Property to Protect Your Assets and Grow Your Business." Intellectual property (IP) is a critical issue in the cannabis industry...

Read More
Publication

Prop. 19 Passed, Here Is What You Need to Know

Proposition 19, which passed last month, has important consequences for all real property owners in California. It is important to act quickly before Proposition 19's effective date of February 16, 2021. Proposition 19 has...

Read More
Event

Perspectives on Virtual Proceedings: ADR & Claims Resolution in a COVID World

Erica Villanueva will be speaking at the 2021 Virtual Insurance Coverage Litigation Committee CLE Seminar on "Perspectives on Virtual Proceedings: ADR & Claims Resolution in a COVID World."

Read More
Publication

Bankruptcy Provisions in COVID Relief Legislation Impacting PPP Loans, Commercial Leases and Preference Claims

With the COVID-19 pandemic stretching on into another year, businesses continue to experience adverse effects. Bankruptcy filings, especially among retailers, were higher than average in 2020, and it is likely that more companies large...

Read More
News

Lawyers Warn Those Bracing for Prop. 19’s Tax Hit: Act Fast

Evan Abrams spoke to the San Francisco Business Times for the article "Lawyers Warn Those Bracing for Prop. 19’s Tax Hit: Act Fast."  In the article, Evan said, “If you really want to do anything...

Read More
Event

Equal Pay Data Reporting, an Asset for the Strategic Employer

Join Holly Sutton and co-speaker, Erin Hastings, in the discussion on "Equal Pay Data Reporting, an Asset for the Strategic Employer." California’s recently passed SB973 requires certain employers to collect and report the number...

Read More
Publication

What to Do When Commercial Leases End Up in Bankruptcy

The COVID-19 pandemic is forcing many businesses to close, leaving landlords in the lurch. The COVID-19 pandemic continues to shake up the nation’s economy. Long-standing companies such as JC Penney, J. Crew, Neiman Marcus, Modell’s...

Read More
News

Farella Braun + Martel Elevates Five to Partner

Read More
Publication

The Pitfalls of Boilerplate Lease Agreements

Quinn Arntsen was featured in a GlobeSt Q&A on the pitfalls of boilerplate lease agreements. There are several provisions landlords should insist upon when renegotiating leases. But there are also several common pitfalls including...

Read More