Minimizing Your Taxes and Managing Your Complex Affairs

Tax Tips, Finance Tips, Fun Events

Tips for Individuals, Businesses and Charities. Fun Events.

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

Buy a beverage for Richard: If you are enjoying my tax and finance tips and would like to buy me a beverage

Thank you in advance!  Reading up on various and finance issues makes me thirsty.

Richard Pon CPA, CFP