990 Tax Filing Reminder

If you are a board member for a small nonprofit, make sure they file their annual tax return (the form 990/990EZ) by November 15 (assuming an extension was filed or you have a June fiscal year-end).

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.