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May 17 is Form 990 deadline
WASHINGTON (5/10/10)--State-chartered credit unions and other tax-exempt organizations must file their 990 forms by May 17 or risk losing their tax-exempt status, the Internal Revenue Service reminded on Friday. State-chartered credit unions are required to file Form 990 with the IRS annually, although a few states still permit group 990 filings. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes. Under the 2006 Pension Protection Act, Form 990-series information returns are due on the fifteenth day of the fifth month after an organization’s fiscal year ends, and many organizations use the calendar year as their fiscal year. That would make the form’s due-date May 15, but since that date falls this year on a Saturday, the IRS designated May 17 as the deadline. Organizations can request an extension of their filing date by filing Form 8868 by the original due date. However, the IRS warns in its release, absent a request for extension, there is no grace period from filing by the original due date. Small tax-exempt organizations with annual receipts of $25,000 or less can file an electronic notice Form 990-N (e-Postcard). Tax-exempts with annual receipts above $25,000 must file a Form 990 or 990-EZ, depending on their annual receipts. Any tax-exempt organization that has not filed the required form in three consecutive years automatically loses its tax-exempt status, effective as of the due date of the annual filing. The IRS revised its Form 990, also know as the Return of Organization Exempt from Income Tax, effective beginning the 2008 tax year. Use the resource links below for more information.
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