The phrase refers to the deadline for filing IRS Form 990, Return of Organization Exempt From Income Tax. This form is an annual reporting requirement for most tax-exempt organizations, including charities, non-profits, and private foundations. The deadline is crucial for maintaining tax-exempt status and avoiding penalties.
Adherence to this filing schedule ensures transparency and accountability within the nonprofit sector. It allows the public and the IRS to review an organization’s finances, activities, and governance. Historically, this requirement has evolved to enhance oversight and prevent misuse of funds intended for public benefit. Meeting the deadline is vital for continued operation and public trust.
Consequently, understanding the specific date, potential extensions, and consequences of late filing is essential. The subsequent sections will delve into the precise calculation of this filing date, permissible extensions, and ramifications of non-compliance.
1. Fifteenth day, fifth month
The phrase “fifteenth day, fifth month” directly correlates to a primary aspect of the annual reporting deadline for Form 990. This timeframe represents a fundamental element in calculating when a tax-exempt organization must submit its return to maintain compliance with IRS regulations.
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Calendar Year Filers
For organizations operating on a calendar year (ending December 31st), the deadline invariably falls on May 15th of the following year. This consistency provides a clear and predictable timeframe for preparing and submitting the required documentation. Failure to meet this deadline, absent an extension, results in penalties assessed by the IRS.
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Fiscal Year Filers
Organizations with fiscal years that do not align with the calendar year must calculate their filing deadline relative to their year-end. The fifteenth day of the fifth month following the close of the fiscal year establishes the due date. For instance, an organization with a fiscal year ending June 30th would have a November 15th filing deadline.
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Extension Considerations
While the “fifteenth day, fifth month” establishes the baseline deadline, organizations can apply for an automatic six-month extension. This extension shifts the deadline forward but does not eliminate the underlying responsibility to accurately and completely file the return. The extended due date is similarly calculated by adding six months to the original deadline.
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Accuracy and Completeness
Regardless of whether an extension is filed, the information contained within Form 990 must accurately reflect the organization’s financial activities and governance practices. The “fifteenth day, fifth month” deadline, or its extended equivalent, provides a structured timeframe to ensure the integrity of the reported data, and the completion of all filing requirements before the deadline passes.
In summary, the “fifteenth day, fifth month” is the core element in determining the annual Form 990 filing deadline. Understanding and adhering to this rule, while considering fiscal year variations and extension options, is essential for all tax-exempt organizations to remain compliant and avoid penalties.
2. After accounting period end
The phrase “After accounting period end” establishes the foundational starting point for determining the deadline. Form 990 is a retrospective report, documenting an organization’s activities and finances for a completed accounting cycle. The filing requirement only arises once this accounting period has concluded. Consequently, the date concluding this period directly dictates the start of the countdown to the filing deadline. For instance, if an organization’s accounting period ends on December 31st, the filing deadline, absent an extension, is based on the period after December 31st.
The accurate definition of an organization’s accounting period is, therefore, critical. This period, typically a calendar year or a fiscal year, must be consistently applied. A discrepancy in defining the accounting period will inherently lead to incorrect deadline calculations and potential penalties for late filing. Furthermore, understanding the close of the accounting period provides organizations with a clear timeline for gathering the necessary financial records and preparing the Form 990. This preparation includes reconciling accounts, finalizing financial statements, and compiling information on program service accomplishments.
In summary, the conclusion of the accounting period serves as the trigger for the Form 990 filing requirement. Its significance lies in establishing the point from which the filing deadline is calculated and providing a structured timeframe for organizations to prepare their returns. Correctly identifying the end date of the accounting period is paramount to ensure compliance and avoid penalties associated with late or inaccurate filings. Linking this understanding to the phrase “when are form 990s due” reinforces the importance of a period-end focused approach to organizational accountability.
3. Automatic extension available
The phrase “Automatic extension available” directly impacts the understanding of Form 990 due dates. While a prescribed deadline exists, the IRS permits an automatic extension of time to file. This extension provides tax-exempt organizations with additional time to complete and submit their returns without penalty, provided the extension request is filed correctly.
The mechanism for obtaining this extension involves submitting Form 8868, Application for Automatic Extension of Time To File an Exempt Organization Return. Filing this form by the original due date effectively grants an additional six months to file Form 990. It is crucial to recognize that this extension applies solely to the filing deadline and not to the payment of any tax that may be due. Even with an extension, the organization remains responsible for accurately reporting its financial activities and governance practices. For example, a calendar-year organization with an original due date of May 15th can extend this deadline to November 15th by filing Form 8868 on or before May 15th.
In summary, while knowledge of the standard due date is essential, the automatic extension option offers flexibility for organizations requiring additional time for Form 990 preparation. Awareness of this provision, and the procedural requirements for claiming it, constitutes a key element in managing Form 990 compliance and the overall management of the organization’s tax obligations. Misunderstanding or neglecting this aspect could lead to unnecessary penalties despite the availability of an extension.
4. Form 8868 to extend
Form 8868, Application for Automatic Extension of Time To File an Exempt Organization Return, is integrally linked to the filing deadline for Form 990. It provides the established mechanism for tax-exempt organizations to obtain an extension, altering the date by which the 990 must be submitted to avoid penalties.
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Purpose and Functionality
Form 8868s core purpose is to grant organizations more time to prepare and file their Form 990. By submitting this form on or before the original due date, organizations automatically receive a six-month extension. This is not a discretionary approval; rather, it is an automatic extension upon proper filing. An example includes a calendar-year organization with a May 15th deadline; filing Form 8868 by this date extends the filing deadline to November 15th. The implication is that organizations can utilize this extension to ensure accuracy and completeness, without being penalized for a slightly delayed submission.
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Filing Requirements and Deadline
The requirements for Form 8868 are relatively straightforward, requiring basic organizational information and attestation. Critically, the form must be filed electronically. The deadline for filing Form 8868 directly corresponds to the original Form 990 due date. Missing this deadline negates the possibility of obtaining an extension, reverting the organization to the initial filing date. For instance, an organization with a March 15th original due date that fails to file Form 8868 by March 15th will not receive an extension, and late penalties will apply if Form 990 is filed after that date.
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Limitations and Considerations
While Form 8868 provides an automatic extension, it does not extend the time to pay any tax that may be owed. Furthermore, the extension applies only to the filing deadline; it does not excuse the organization from fulfilling other obligations related to tax-exempt status. For example, a private foundation owing excise tax on net investment income must still remit payment by the original due date, even if an extension to file Form 990-PF is obtained. This limitation emphasizes the need for organizations to separate the filing extension from other tax-related responsibilities.
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Impact on Public Disclosure
The availability of Form 8868 and the subsequent extension directly affect the timing of Form 990’s public disclosure. The extended deadline naturally postpones the date by which the public can access the organization’s financial information. While promoting accuracy through additional preparation time, this delay can impact transparency and timely access to information for stakeholders. For instance, an organization taking the full six-month extension would not have its Form 990 available for public inspection until nearly a year after its fiscal year-end.
In summation, Form 8868 serves as a vital tool in the context of when are form 990s due, allowing organizations to proactively manage their compliance obligations. This form provides a straightforward means of securing additional time for filing, while also highlighting the importance of adherence to all filing deadlines and responsibilities, including timely payments and ultimate public disclosure, to ensure ongoing compliance.
5. Penalties for late filing
Late filing penalties are a direct consequence of non-compliance with established deadlines. The failure to submit Form 990 by its due date, or extended due date if Form 8868 has been filed, triggers financial penalties levied by the IRS. The amount of these penalties is typically calculated based on the organizations gross receipts and the duration of the delay. Larger organizations face steeper penalties, and the penalties accrue over time, increasing the financial burden for protracted delays. For example, an organization with over \$1 million in gross receipts can incur a penalty of \$500 per month or part of a month that the return is late, up to a maximum penalty. This punitive structure is designed to incentivize timely filing and ensure accurate reporting of financial data.
The imposition of penalties has a significant impact on the operations of tax-exempt organizations. Financial resources that could have been allocated to programmatic activities or administrative expenses must instead be used to satisfy these penalties. Furthermore, repeated or egregious instances of late filing can jeopardize an organization’s tax-exempt status, potentially leading to revocation by the IRS. Consider a small nonprofit that consistently files its Form 990 several months late. While the initial penalties might seem manageable, the cumulative effect over several years could drain resources and attract increased scrutiny from the IRS. This, in turn, could lead to a more detailed audit and potential loss of tax-exempt status, fundamentally undermining the organization’s ability to fulfill its mission.
In summary, the relationship between penalties and the filing deadline for Form 990 highlights the critical importance of adherence to established timelines. The avoidance of these penalties requires a proactive approach to compliance, including diligent record-keeping, timely preparation of the return, and awareness of extension options. By prioritizing compliance, organizations protect their financial resources, preserve their tax-exempt status, and maintain public trust in their stewardship of funds.
6. Public inspection requirements
The relationship between the filing deadline and public inspection requirements is a significant component of nonprofit accountability. The timing of Form 990’s availability for public review is directly linked to the established filing deadline, including any extensions properly obtained. Organizations are legally obligated to make their three most recent Form 990 filings available for public inspection upon request, both at their principal office and online. The implication is that the date the return becomes accessible is entirely dependent on when the organization files, which in turn is governed by the standard deadline and the use of Form 8868 for extension. For instance, if an organization files on the original May 15th deadline, the return is available for public review shortly thereafter. If the organization extends the deadline to November 15th, the period during which the public lacks access to that year’s financial information is significantly extended. This highlights the trade-off between allowing organizations adequate time for accurate reporting and the public’s interest in timely access to information about nonprofit operations.
Adherence to public inspection requirements is not merely a procedural formality but a critical aspect of maintaining public trust and confidence in the nonprofit sector. The accessibility of Form 990 enables donors, beneficiaries, and the general public to scrutinize an organization’s financial health, program activities, and governance practices. This transparency fosters accountability and helps to ensure that nonprofit resources are being used effectively and in accordance with their stated mission. An example includes a potential donor considering a significant contribution to a charity. Prior to making the donation, the donor can review the organization’s Form 990 to assess its financial stability, executive compensation, and program spending, enabling an informed decision. If the organization delayed its filing, this opportunity is deferred.
In summary, the intersection of filing timelines and public inspection underscores the importance of striking a balance between organizational needs and public interests. Meeting the standard filing deadline, or availing oneself of a well-considered extension, ensures both compliance and facilitates the timely dissemination of crucial information about nonprofit activities. Failing to adhere to either the filing deadlines or the public disclosure requirements undermines the principles of transparency and accountability that are fundamental to the nonprofit sector.
7. Varying due dates
The concept of “varying due dates” significantly complicates a straightforward answer to “when are form 990s due.” While a general rule exists, several factors introduce variability into the actual filing deadlines for tax-exempt organizations. Understanding these factors is crucial for ensuring compliance and avoiding penalties.
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Fiscal Year Endings
The most prominent driver of varied deadlines is the use of different fiscal year endings by exempt organizations. While many operate on a calendar year, concluding on December 31st, others utilize a fiscal year ending on a different month. As the Form 990 is due on the fifteenth day of the fifth month following the close of the fiscal year, each different year-end creates a unique due date. For example, an organization with a June 30th year-end has a November 15th due date, distinct from the May 15th deadline for calendar year filers. The implications are that organizations must know their specific fiscal year-end to accurately determine their Form 990 deadline, negating any assumption of a universal date.
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Short Tax Year
A short tax year, often occurring during an organization’s initial formation or during a change in accounting period, presents another source of varying due dates. The filing deadline remains the fifteenth day of the fifth month following the close of the short tax year. As short tax years can end on any day of the year, the potential due dates become highly diverse. For example, if a newly formed organization chooses a fiscal year ending on March 31st but its first operational period runs only from January 15th to March 31st, this short year still dictates the timing of the first filing. This means the organization would have to file by August 15th. This situation mandates that organizations pay specific attention to any non-standard accounting periods to avoid miscalculating the deadline.
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Subsidiaries and Group Returns
Organizations included in a group return may have effectively different due dates or extended deadlines than if they were filing independently. The parent organization typically determines the overall group filing strategy, potentially impacting the subsidiary’s individual filing obligations. For instance, a parent organization might secure an extension for the entire group, effectively shifting the subsidiary’s individual due date. An example of this might be a national organization filing one group return that covers all of its local chapter, where each chapter has a different end date, so understanding that they might have different due dates.
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Revocation and Reinstatement
Organizations that have had their tax-exempt status revoked and subsequently reinstated may encounter unique filing circumstances. During the period of revocation, the organization may have been required to file as a taxable entity. Upon reinstatement, the filing obligations revert to those of a tax-exempt organization, and the due date for the first Form 990 after reinstatement is calculated based on the reinstated fiscal year-end. The implications are that organizations must carefully evaluate their filing requirements following a period of revocation to ensure they are complying with the appropriate regulations and deadlines. An organization that did not file in the years prior to reinstatement might also need to address those gaps to be in full compliance.
Consequently, understanding that “when are form 990s due” can manifest as a range of dates necessitates a proactive and individualized approach to compliance. Organizations must identify their specific fiscal year-end, account for any short tax years, recognize the potential impact of group returns, and consider any reinstatement issues to accurately determine their unique filing obligation. This careful consideration of these varying factors is crucial for adhering to IRS regulations and avoiding penalties for late or incorrect filings.
Frequently Asked Questions
The following addresses common inquiries concerning the filing of Form 990 and its associated deadlines. Understanding these aspects is crucial for maintaining compliance with IRS regulations.
Question 1: What is the standard deadline for filing Form 990?
The standard deadline falls on the fifteenth day of the fifth month following the close of the organization’s accounting period. A calendar-year organization, for instance, faces a May 15th deadline.
Question 2: Is it possible to obtain an extension for filing Form 990?
An automatic six-month extension is available by filing Form 8868, Application for Automatic Extension of Time To File an Exempt Organization Return, on or before the original due date.
Question 3: What penalties are assessed for late filing of Form 990?
Late filing penalties vary based on an organization’s gross receipts and the duration of the delay. Larger organizations incur greater penalties, which accrue monthly.
Question 4: Does obtaining an extension to file Form 990 also extend the time to pay any taxes owed?
No. The extension applies solely to the filing deadline and does not extend the time to pay any excise taxes or other liabilities.
Question 5: How are fiscal year organizations impacted by filing deadline variations?
Organizations operating on a fiscal year calculate their filing deadline based on the fifteenth day of the fifth month following the close of their fiscal year. For example, an organization with a fiscal year ending June 30th has a November 15th filing deadline.
Question 6: Where can Form 8868 be acquired?
Form 8868 is available on the IRS website, and it must be filed electronically.
Adherence to filing deadlines, whether original or extended, is crucial for avoiding penalties and maintaining tax-exempt status. Consulting with a qualified tax professional is recommended to address specific circumstances.
Further information regarding specific penalties and how these regulations can affect your organization can be obtained by contacting a tax professional.
Tips for Ensuring Timely Form 990 Filing
Following these guidelines enhances compliance and minimizes the risk of penalties associated with filing deadlines.
Tip 1: Establish a Consistent Internal Timeline: Develop a schedule for gathering financial data, preparing the return, and obtaining necessary approvals. Adhere to this timeline throughout the year.
Tip 2: Accurately Determine the Organization’s Fiscal Year End: The filing deadline hinges on the fiscal year. Confirm this date at the beginning of each year to avoid miscalculations.
Tip 3: Familiarize with Form 8868 Requirements: Understand the procedures for requesting an extension using Form 8868. File the form electronically on or before the original due date.
Tip 4: Maintain Detailed Financial Records: Accurate and organized records streamline the preparation process and prevent delays in gathering essential data.
Tip 5: Account for Varying Due Dates Related to Group Returns: If part of a group return, clarify responsibilities with the parent organization to ensure timely submission.
Tip 6: Stay Informed of IRS Updates: Monitor IRS publications and announcements for changes to filing requirements and deadlines.
Tip 7: Consult with a Qualified Tax Professional: Engage a professional to review your organization’s filing procedures and ensure compliance with all applicable regulations.
Diligent adherence to these tips minimizes the possibility of overlooking critical deadlines, thereby safeguarding the organization from unnecessary penalties and compliance issues.
The following section presents a conclusion summarizing the key considerations regarding when Form 990 should be filed.
Conclusion
The analysis presented clarifies the complexities surrounding Form 990 filing deadlines. The standard due date, tied to the close of the accounting period, is modified by factors such as the availability of extensions and varying fiscal year-ends. Understanding these nuances is paramount for tax-exempt organizations seeking to maintain compliance and avoid penalties. The Form 8868 extension option offers a valuable tool, but adherence to its requirements is equally critical. Late filing penalties pose a tangible risk to an organization’s resources, and public inspection requirements underscore the importance of transparency.
The responsibility for accurately determining and meeting filing deadlines rests firmly with each tax-exempt organization. Proactive planning, diligent record-keeping, and expert consultation are essential components of a sound compliance strategy. By prioritizing these practices, organizations reinforce their commitment to accountability and contribute to the integrity of the nonprofit sector.
