Tax-Exempt Filings Due Dates
One of the most important things tax-exempt entities must do is file its reports. Contrary to what many believe, tax-exempt entities must file annual tax returns with the Internal Revenue Service and the State Tax Authority (for California, that is the Franchise Tax Board), semi annual statements of information with the Secretary of State, and charities or organizations that hold assets in charitable trust must file an annual Registry renewal with the Office of the Attorney General’s Registry of Charitable Trusts.
Tax returns are generally due five (5) months and fifteen (15) days after the close of the annual tax year. For organizations that use a calendar year, that is May 15th. As we mentioned, that is with the Federal and State tax authorities. For the IRS, the 990 series is required. For the California Franchise Tax Board, it is the 199 series. The exact filing due is based on the gross receipts for a specific year.
In example, if the organization has:
Gross receipts normally ≤ $50,000, must file a 990-N (but may elect to file a 990)
Gross receipts < $200,000, and Total assets < $500,000, must file a 990-EZ or 990
Gross receipts ≥ $200,000, or Total assets ≥ $500,000, must file a 990
Private foundation - regardless of financial status, must file a 990-PF
The Statement of Information is a general statement of officers, generally known in California as the SI-100. For California, this is required at least once every two (2) years, or anytime officers change. The filing, luckily, is relatively simple and completely online through the Secretary of State’s website. The due date is based on the date of incorporation, so it varies for each organization.
Finally, for California charities, the Office of the Attorney General has a Registry that lists all organizations that hold assets in charitable trusts. As such, each Charity must file an annual Registry Renewal Report, known as the RRF-1. This report is due shortly after the annual tax filings, as a copy of the tax return (or a treasurer’s report for organizations with $50,000 or less in gross receipts in a year) is a required attachment to the filing.
Filing these forms are generally rather simple, but failure to file can have severe consequences, which made lead to loss of tax exemption, banks denying receipt of funds, and costly fees and penalties.
If you have questions about these filings or want to ensure they have been filed, please let us know.
