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Video instructions and help with filling out and completing form 990 ez 2021
Hi my name is John mashney and I'm attorney at foster Swift today I thought I would address a question that I get quite often and unfortunately I get the question when it's too late to actually do something very very helpful to help solve the problem that question involves nonprofits and tax-exempt organizations and whether they must file a Form 990 every single year generally a form 990 or it's also called an annual information return must be filed by nearly all tax-exempt organizations on a yearly basis in fact I would say if you don't know the specific exception as to why you wouldn't have to file a Form 990 you must file so with that being said let me just tell you a few reasons why this is so important generally a tax-exempt organization does not owe tax unless there is some type of unrelated business income if there is no unrelated business income however you still need to file that form 990 and what it is it is an informational return that goes to the IRS it lets them know about how much money that you've taken in as revenue and your general expenses and other things of that nature it is very very important to file it however because if you don't file it on time there could be very very significant penalties in terms of financial penalties furthermore the IRS has an automatic revocation program which means that if you don't file the form 990 for a certain number of years then the IRS will automatically without telling you without doing anything they will automatically terminate that organizations tax-exempt status so if you think about it for a 501c3 organization if your tax exempt status is terminated then your donors can no longer deduct contributions that are made to your organization and if that status is terminated then the entire time that you operate it in we're tax exempt you would also oh taxes and you would have to file a separate tax return for that period of time for very large tax-exempt organizations this could add up to a very high tax burden and quite frankly your donors are not going to be very happy if you have to go back and tell them that they the donations that they previously made that they thought were they were getting a deduction for that they are not entitled to that deduction anymore essentially some of those donors might have to go back and amend some of their tax returns so my best advice is make sure that you file a Form 990 every single year or that you have had a professional advisor tell you exactly why you don't need to file that form 990 please avoid some of these problems please make sure you file the form 990 and in addition if you don't feel comfortable filling out yourself hire someone to do it it's generally very inexpensive depending on the complexity.