tax preparation extended tax payment deadlines AK Burton

Tax Preparation: Estimated tax payments due and 990 extended deadlines

Being tax-exempt doesn’t mean your organization is exempt from filing an annual tax return. 

For most tax-exempt organizations, the deadline to file Form 990 would’ve been May 15. If you’ve filed an extension, you’re extended filing date may be fast approaching next month.

Not sure where to start? 

Step 1 – Collect all your information 

While each organization is different and may require different things, it’s best to have the following information on hand

  • IRS tax-exempt status and type
  • EIN
  • Estimated tax payments made (amounts and dates)
  • Organization’s mission and why it is exempt
  • List of program accomplishments
  • Information for each officer current and former (name, address, title, compensation, benefits, hours worked per week, etc.)
  • Financial Records (unrelated business income, revenue, balance sheets, fundraising reports, supporting organizations, records of contributions, records of grants, audited financial statements, 1099s, W2s, and more)
  • Assets (depreciation schedules, asset purchase dates, cost, proceeds, mileage on business vehicles, and more)

Step 2 – Select and fill out the right form

There are multiple versions of Form 990 and what form you choose largely depends on factors such as your organization’s gross income and assets.

Here are different 990 variations that you may need to file:

  1. Form 990-N
  2. Form 990-EZ
  3. Form 990
  4. Form 990-PF
  5. Form 990-T

If you have a tax-exempt organization and haven’t filed yet, it’s best to file now.

Still, lost? A.K. Burton, PC is here to assist in all your tax preparation needs. Please contact our office with your tax documentation organized and we can help you file your tax return based on your organization’s needs. Call us at (301) 365-1974 for a consultation.

We serve the Bethesda, Rockville, and Montgomery County, MD area.

Sources:

https://www.nonprofitexpert.com/nonprofit-questions-answers/unrelated-business-income-tax-return/ 

https://www.taxact.com/tax-information/tax-planning-and-checklists/990

https://www.expresstaxexempt.com/form-990-due-date/#:~:text=If%20your%20organization%27s%20accounting%20tax,deadline%20is%20October%2017%2C%202022.

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