The Pension Protection Act of 2006 mandates that most tax exempt organizations have to file an annual 990 with the IRS. The deadline to turn in the Form 990 is coming up Wednesday, May 15. If non-profits need more time to file their form 990, it is possible for them to do so if you file an extension. It is imperative that you file your form 990 or an extension by Wednesday or you could face serious consequences.
â??The most likely think that happens is you're going to lose your tax exempt status. If you fail to file in three consecutive years, you have to start the whole process of becoming a non profit all over again and it's a really pain now this doesn't apply to churches and church organizations. They don't have to file anything, but all of the other non profits, they do. It's not a hard form. You just have to fill it out every year,â?? said Steven Sorhus CPA at SouthHouse CPA LLC.
Filling out the form should take less than an hour to complete. If you are in a crunch, we have contacts that can help you complete it down below:
Call Steven J. Sorhus at (660) 988-9011 or email him Southhousecpa@gmail.com