Taxes and form 990
Chapters are required to submit Form 990 to the IRS each year by Nov. 15 to remain tax-exempt
What is the Form 990?
The 990 is a form required by the IRS for tax-exempt organizations. It is considered an information return that must be filed annually. It serves as a public record of the organizations financial record, programs, and accomplishments. There is no tax payment through the 990.
When is it due?
Nov. 15 every year
What happens if I don’t do it?
A chapter can lose its tax-exempt status after three consecutive years of not filing. This will cause the chapter to need to reapply with the IRS to regain tax-exempt status. This can cost upwards of $2,000. Additionally, any income received between the revocation date and the renewal date may be taxable.
Which form do I need to file?
- 990N for gross receipts normally less than or equal to $50,000
- 990EZ or 990 for gross receipts less than $200,000 and total assets less than $500,000
- 990 for gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000
What items do I need to be able to file?
- All financial records from the year including bank statements with supporting documentation
- Organization mission, key programs, and accomplishments from previous year
- Employer Identification Number (EIN)/Tax Identification Number
- Legal name of the chapter/colony and mailing address
- Name and address of principal officer
Where do I file?
Chapters have a few options for filing:
- Based on our preferred partnership with LegFi, all chapters have access to www.File990.org to file a 990N or 990EZ. Go to website, on right hand side, there is a form called “file your 990,” fill out information, and click “Get Started Now” to finish the form.
- Chapters may use their own accountant or other financial management company to file
- IRS website: https://www.irs.gov/uac/about-form-990
Who can help me with this?
- Your chapter advisor should be assisting and must be consulted before filing the 990.
- For questions, you can contact Karl Grindel, Associate Executive Director, at firstname.lastname@example.org, 317-875-8900