Insights
Publications

Nonprofit Basics: Federal Tax Filing Deadlines and Penalties

May 16, 2023 Podcast
EO Radio Show – Your Nonprofit Legal Resource

Welcome to EO Radio Show – Your Nonprofit Legal Resource. This episode focuses on the importance of meeting the federal tax filing deadlines that apply to charitable organizations.

Most charitable organizations that are exempt from income tax are required to file a federal return on the 15th day of the fifth month after the close of their fiscal year. So for nonprofits that use the calendar year for accounting purposes, that is May 15.

If you haven’t filed yet, don’t despair. Filing for an extension is fairly easy. I’ll also touch on what penalties can apply if your organization fails to meet these filing requirements.

Resources:

Form 990, Return of Organization Exempt from Income Tax

Form 990-EZ, Short Form Return of Organization Exempt from Income Tax

See Filing Phase-In for more information about which return to file

Form 990-N (e-Postcard), Annual Electronic Filing Requirement for Small Exempt Organizations

Form 8868

Tax Relief in Disaster Situations

Disaster Assistance and Emergency Relief for Individuals and Businesses

Revenue Procedure 2014-11 - explains the four procedures an organization may use to apply for reinstatement

If you have suggestions for topics you would like us to discuss, please email us at [email protected]

Additional episodes can be found at EORadioShowByFarella.com

DISCLAIMER: This podcast is for general informational purposes only. It is not intended to be, nor should it be interpreted as, legal advice or opinion.

Firm Highlights

Publication

Nonprofit Basics: Best Practices for Approving Insider Compensation Decisions

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . This episode is the third in a series discussing insider transactions by exempt organizations. In this episode, I'll look closely at best practices...

Read More
Publication

Nonprofit Basics: Conflict of Interest Policies and Best Practices for Approving Insider Compensation

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . This episode is the second in a series discussing insider transactions. In episode 32, I gave a general overview of the federal laws...

Read More
Publication

How Nonprofits Can Use New Markets Tax Credits To Achieve Financial Goals

Welcome to EO Radio Show – Your Nonprofit Legal Resource . This week, I am delighted to cover a niche topic and a special structure that allows certain nonprofits to have an outsize impact...

Read More
Publication

Hot Topic: UPMIFA in the Context of Financial System Instability

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . A really hot topic this week is the duty of care for directors and trustees of charities in a time of volatility in...

Read More
Publication

Hot Topic: Key Issues for Nonprofit Creditors Dealing With Distressed Businesses

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . In this episode, we cover important issues for nonprofits dealing with distressed businesses, such as their landlords or tenants, other kinds of contract...

Read More
Publication

Nonprofit Quick Tip: Nevada and Arizona Nonprofit Corporation Registration and Annual Filings

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . This episode is the second in our series of quick tip episodes starting with the details of state registrations of nonprofit corporations. In...

Read More
Publication

Are You Ready? Steps for Launching a New Charitable Corporation

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . This episode focuses on the key questions to ask when a founder has that fire in the belly and is ready to create...

Read More
Publication

Nonprofit Quick Tips: Secretary of State Filings in California and Delaware

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . This week, we launch a series of quick tip episodes, starting with the details of state registration of nonprofit corporations. With the help...

Read More
Publication

Nonprofit Basics: Insider Transactions and Nonprofits – What’s the Big Deal?

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . This is the first in a series of episodes covering the federal and state laws that apply to business transactions between a nonprofit...

Read More
Publication

Nonprofit Basics: Meeting Minutes Best Practices

Welcome to  EO Radio Show – Your Nonprofit Legal Resource . This episode focuses on documenting decisions made at meetings of a nonprofit organization's board of directors or trustees. While everyone who attends a...

Read More