Form 990 & Compliance Calendar Flashcards

A nonprofit with a fiscal year ending September 30 has an original Form 990 due date of:

Answer: February 15

Form 990 is due the 15th day of the 5th month after fiscal year end; five months after September 30 is February 15.

What is the maximum automatic extension period available for Form 990 using Form 8868?

Answer: 6 months

Form 8868 grants an automatic 6-month extension to file Form 990, with no need to show reasonable cause.

For a large organization with gross receipts over $1 million, the daily IRS penalty for late Form 990 filing is:

Answer: $100 per day

Large organizations (gross receipts exceeding approximately $1 million) face a $100-per-day late filing penalty, compared to $20 per day for smaller organizations.

Form 990-N (e-Postcard) is available to organizations with gross receipts that are normally:

Answer: Under $50,000

The Form 990-N e-Postcard is available to organizations whose gross receipts are normally $50,000 or less per year.

An organization loses its tax-exempt status automatically if it fails to file a required annual return for how many consecutive years?

Answer: 3 years

Under the Pension Protection Act of 2006, an organization's tax-exempt status is automatically revoked after three consecutive years of failure to file.

Which form is used to request an extension of time to file Form 990?

Answer: Form 8868

Form 8868 (Application for Extension of Time to File an Exempt Organization Return) is the correct form for extending the Form 990 filing deadline.

The penalty for willful failure to file Form 990 may result in personal liability for which individuals?

Answer: Any responsible person who willfully failed to ensure filing

The IRS may assess a $5,000 penalty against any responsible person who willfully failed to ensure the organization filed its required return.