Tax Exempt Returns Due May 15th

5/3/2017

Information returns for tax-exempt organization whom tax year close at the end of the calendar year has a May 15th deadline date. Tax-exempt organizations return are due on the 15th day of the fifth month after the close of the tax year. This means if you don't have a calendar year tax year, or your Fiscal year is not a Calendar year then your return is not necessarily due on May 15th its due 5 months after the close of your Fiscal Year. However, if you need more time to file you may qualify to file an extension.

The IRS does impose penalties on some tax-exempt organization whom doesn't not file their return by the due date and those that do not file a valid extension. Remember an extension filed after the due are not allowed.

The filing requirements are as follows:

Organization classed as private foundation must file form 990-PF
All others can file from 990-EZ or form 990 depending on your annual gross receipts and total assets

Failure to file any of the form 990 series for three consecutive years will result in losing your tax-exempt status, automatically. If this happens none of the contributions you receive will be tax- deductible and you may lose donors. All is not lost. You can get your tax-exempt status back and we can help. Contact our office if you find yourself in this situation.

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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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