About Form 990
- The Parents Teachers Associations (PTA)s and certain other nonprofits that obtained federal tax exemption use Form 990 to report their organization’s financial details, activities, and certain other information to the IRS every year.
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Based on the information reported on Form 990, the IRS identifies and ensures that the organization isn’t abusing its
tax-exempt status.
What are the Other Form variants Available in the 990 Series?
Form 990 Series comprises different form variants, and the PTAs must file the applicable 990 forms based on their gross receipts.
| Form | Condition |
|---|---|
| Form 990-N | PTAs with gross receipts ≤ $50,000 |
| Form 990-EZ | PTAs with gross receipts < $200,000 and assets < $500,000 |
| Form 990-PF | PTAs treated as Private Foundations |
| Form 990-T | PTAs with income of $1,000 or more from unrelated businesses. |
When is the Due Date to file the 990 return?
- Form 990 is due by the 15th day of the 5th month following the end of the PTA’s accounting period.
- This means the PTAs following the calendar tax year must file their 990 return on or before May 15th every year.
- Is your organization follows a fiscal tax year? Find out your organization's 990 deadline.
- In cases where the deadline falls on a weekend or a federal holiday, the 990 return must be filed by the next business day.
Penalties for not filing 990 Forms
Filing Form 990 is something that the tax-exempt PTAs shouldn’t miss out on. In case the PTA fails to file their 990 return on time, they may face penalties from the IRS.
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The penalty amount is $20 / delayed day for PTAs with gross recipes < $1,129,000. The Maximum penalty is $11,000 or 5% of
gross receipts. - The penalty amount is $110 / delayed day for PTAs with gross receipts > $1,129,000. The Maximum penalty is $56,000 or 5% of gross receipts.
Can PTAs extend their Form 990 Deadline?
Yes! If the PTAs need more time to prepare and file their 990 return, they always have the option of requesting an extension by
filing Form 8868.
Upon filing an 8868 return, PTAs can get an extension of up to 6 months from the IRS. There is no need to provide any reason for requesting more time, as this extension is automatic.
Tax990 Makes 990 Filing Easier for PTAs!
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