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Rev. 10/02 Form M-990T-7004 Unrelated Business Income Tax Extension Worksheet Massachusetts Department of Revenue Tentative Return 1 Estimated amount of tax for the taxable year. Do not submit it with Form M-990T-7004. Mail the completed application to Massachusetts When Should Form M-990T-7004 Be Filed This application must be filed on or before the 15th day of the third month after the close of the taxable year calendar or fiscal. Will Interest.

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a) Penalties for late filing Form 990-T Organizations that fail to file their IRS Form 990-T on time (including extended deadlines) are penalized 5% of the unpaid tax for each month or part of a month that the return is late. The maximum penalty is 25% of the unpaid tax.

Organizations that do not pay taxes when due are charged a penalty of 1/2 of 1% of the unpaid tax for each month or a part of the month that the tax is not paid for a maximum of 25% of the unpaid tax (Section 6651).

The IRS may issue a penalty if you miss a quarterly tax payment deadline. The penalty is 0.5% of the amount unpaid for each month, or part of the month, that the tax isn't paid. The amount you owe and how long it takes to pay the penalty impacts your penalty amount.

If an organization whose gross receipts are less than $1,000,000 for its tax year files its Form 990 after the due date (including any extensions), and the organization doesn't provide reasonable cause for filing late, the Internal Revenue Service will impose a penalty of $20 per day for each day the return is late.

An exempt organization that has $1,000 or more gross income from an unrelated business must file Form 990-T, Exempt Organization Business Income Tax Return. The obligation to file Form 990-T is in addition to the obligation to file the annual information return.

Late filing of return. An organization that fails to file its return when due (including extensions of time for filing) is subject to a penalty of 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax.

Form 990 provides the public with financial information about a nonprofit organization, while Form 990-T is a form that a tax-exempt organization files with the IRS to report its unrelated business income and to figure the tax owed on that income.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232