Deadline to File Form 990-PF

Private foundations have to file Form 990-PF by the 15th day of the 5th month after their accounting period ends.

Late Filing Penalties

Organizations who file Form 990-PF late or send an incomplete return will incur penalties fees from the IRS. Charges are typically $20 each day your return is late or $100 each day for organizations with gross receipts over than $1 million. The maximum penalty is $50,000 or 5% of gross receipts, whichever is the least amount. If a private foundation fails to pay any tax liabilities before the filing date, the IRS charges half of 1% of the amount due each month or part of the month the bill is left unpaid - up to 25% of the tax amount.

A private foundation can lose exemption status if it fails to file a 990-PF form for three consecutive years. In such case, the organization is responsible for filing income tax returns, paying income taxes, and filing Form 990-PF as a taxable private foundation until exemption status is reinstated.


Form 990-PF - Overview

IRS Form 990-PF is a tax return for private foundations to report annual revenue, expenses, and a complete list of grants, along with other information to the IRS. The 990-PF form applies to exempt and taxable private foundations and also to non-exempt charitable trusts which are treated as private foundations.

The IRS requires different types of private foundations to file Form 990-PF which includes, but not limited to

  • Exempt private foundations
  • Taxable private foundations
  • Your form is safely and securely transmitted directly to the IRS.
  • Organizations with private foundation status but also have an exempt status application pending
  • Organizations with private foundation status but have not applied for exempt status or have status under retroactive recognition of exemption
  • Organizations filing an election under section 41(e)(6)(D)(iv)
  • Private foundations filing a section 507(b) termination
  • Nonexempt charitable trusts treated as private foundations

Private foundations are responsible for filing Form 990-PF to calculate the tax based on their investment income and to report any charitable distributions or activites. The 990-PF form also serves a substitute Form 1041 for nonexempt charitable trusts when there is no taxable income.

Form 990-PF Schedule

The organizations which are filing Form 990-PF must include the additional informations by attaching the schedule.

Schedule B - Schedule of Contributors

Methods to File Form 990-PF

Paper Filing

A traditional way of submitting an information return to the IRS is by sending a completed paper Form 990-PF through the mail. But paper filing relies on a substantial amount of time to get together all the revenue and expenses statements, figure out the right schedule, and then postal mailing the 990-PF form with no reply from the IRS.

E-filing

Filing IRS information returns electronically has become the best and most efficient way for tax professionals and organizations. E-filed returns take less time to process and are more simple to prepare. Transmitting Form 990-PF with an IRS-authorized, e-file provider provides tighter security than postal mailing, and the IRS suggests e-filing as the most preferred filing method.

Fileform990pf.com - A Wise Choice to File Form 990-PF

Fileform990pf.com makes filing 990-PF simple by offering an easy-to-use, streamlined e-filing experience with a user-friendly website and interview-style questions along with helpful directions through the process. Get through the tax season with ease using these time-saving features:

  • Schedule B and Financial Statements - Answer the form interview questions, and Fileform990pf.com will automatically generate 990-PF Schedule B and statement attachments based on your responses.
  • Internal Audit Check - Check your IRS Form 990-PF for any mistakes with the built-in audit check and submit an error-free return the first time.
  • Amended Return - Correct or change information from an accepted 990-PF for a prior filing year.
  • Manage Reviewers and Approvers - Send invitations via email to board members or other key officers to review and e-sign your completed 990-PF return before submitting.
  • Web-Based Technologies - Log into your account from anywhere and finish your Form 990-PF from where you last left.

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When its year end, your organization has to compile with W-2 & 1099 Reporting if you have employees or contractor working for your organization. Check the following links to know more about it.

Steps to File Form 990-PF Online with fileform990pf.com

  • Signup for An Account

    Signup For An Account

    Create a free account with fileform990pf.com to begin e-filing your 990-PF form. If you already have an account, you can just sign in an email address and password.

  • Enter Basic Organization Details

    Enter Basic Organization Details

    List your organization's name, employer identification number (EIN), address, and primary officer details. And then select the 990-PF form to e-file.

  • Complete Form Interview Sections

    Complete Form Interview Section

    Answer the simple, interview-style questions about your organization's revenue, expenses, and other required information.

  • Review Filing Summary & E-File

    Review Filing Summary & E-File

    Check your information for any mistakes with our built-in audit scan. Afterward, pay and transmit the return to the IRS.


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Get More Time to File Form 990-PF

With fileform990pf.com, you can also extend your 990-PF filing deadline by e-filing Extension Form 8868. The 8868 form grants an automatic 6-month extension of time and can be filed quickly and easily from your account.



E-file Extension Form 8868 while on the go with the Form 8868 mobile app for iOS and Android devices.

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