Get Irs 990-ez 2015

Typically, Form 990-EZ must be filed by the 15th day of the 5th month after the close of your organization’s fiscal year. For most nonprofits following the calendar year, this means a deadline of May 15th. However, if your organization needs more time, you may request an extension. Planning ahead can help ensure you meet this important deadline and maintain compliance.

Filing Form 990-EZ electronically can simplify the process significantly. You can use the IRS e-File system to submit your form directly online, ensuring accuracy and timeliness. Additionally, platforms like US Legal Forms offer user-friendly resources that guide you through the electronic filing process. Make sure you have all necessary information ready to streamline your submission.

If you fail to file IRS Form 990-T, the consequences can be serious. The IRS imposes a penalty of 5% of the unpaid tax per month, up to a maximum of 25%. Additionally, if the form is not filed within 12 months of the deadline, you may face additional penalties that compound the situation. Thus, timely filing is essential to avoid fiscal difficulties.

The penalty for not filing a 990-EZ can be substantial. Typically, organizations may face a penalty of $20 per day, with a maximum of $10,000 for smaller organizations. For larger organizations, the penalty can reach up to 5% of the gross receipts, illustrating the importance of timely filing. To avoid these penalties, utilizing services like US Legal Forms can streamline the filing process.

A reasonable cause for penalty abatement usually involves circumstances beyond your control that prevented you from filing the IRS 990-EZ on time. Examples include serious illness, natural disasters, or other significant hardships. It’s essential to provide documentation that supports your claim when requesting an abatement. The IRS evaluates each case individually, so be thorough in your explanation.

There are several types of Form 990, including 990, 990-EZ, and 990-N (e-Postcard). Form 990 is comprehensive for larger non-profits, while IRS 990-EZ simplifies the process for smaller organizations. Additionally, 990-N is for very small tax-exempt entities that meet specific criteria and can report minimal activities online. Understanding these types ensures your organization files the correct form.

Switching from Form 990 to 990-EZ is possible, but it depends on your organization’s financial status. If your gross receipts drop below the limit for IRS 990-EZ, you can file the shorter form for that tax year. However, you must evaluate your finances carefully to ensure you meet the filing criteria. Using uslegalforms can help navigate this transition smoothly.

Failing to file IRS 990-EZ can lead to significant penalties for non-profits. The IRS may impose fines starting at $20 per day, capped at a maximum amount that can significantly impact your organization’s finances. Additionally, repeated failures can jeopardize your tax-exempt status, leading to long-term consequences. Therefore, it is crucial to stay compliant and file your returns on time.

Deciding whether to file Form 990 or 990-EZ depends on your non-profit's size and financial activity. If your organization has gross receipts below $200,000 and total assets below $500,000, IRS 990-EZ is a suitable option that simplifies your reporting process. However, larger organizations or those with more complex finances should file the standard Form 990 for comprehensive reporting. Consider your organization's financial standing to make the best choice.