Minimizing Your Taxes and Managing Your Complex Affairs

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Nonprofit Tax Filings Due November 15, 2018, Don't Be Late

As a reminder, nonprofit tax returns that received an extension are due Nov 15. Late filing and failure to file has steep consequences.

If an organization whose gross receipts are less than $1,000,000 for its tax year files its Form 990 after the due date, the Internal Revenue Service will impose a penalty of $20 per day for each day the return is late. The maximum penalty is $10,000, or 5 percent of the organization's gross receipts, whichever is less. The penalty increases to $100 per day, up to a maximum of $50,000, for an organization whose gross receipts exceed $1,000,000.

An organization that fails to file the tax-exempt tax return for three consecutive tax years will automatically lose its tax-exempt status.

Richard Pon, CPA, CFP richardponcpa.com

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Richard Pon CPA, CFP