Who must file the IRS Form 990 (including 990-N)?
Virtually every single tax-exempt organization with revenues between $0 (yep, that's ZERO) and $50,000 or less must file Form 990. Before 2006, these small organizations were not required to file annually with the IRS, but since 2010, more than 300,000 organizations have lost their tax-exempt status due to non filing!
Does an organization need to file if its application for tax exemption is pending?
Once your organization is incorporated, it must file, regardless of 501(c)3 tax status - but prior to receiving 501(c)3 approval, an officer of the organization must first call the IRS at 1-877-829-5500 and ask that the organization be set up to file Form 990-N. Once that is done, Yippiekiyay can file your 990-N.
What happens if I fail to file Form 990?
An organization that fails to file the required e-Postcard (or annual return) for three consecutive tax years automatically loses its tax-exempt status.
Can an organization have its tax-exempt status reinstated?
Yes, but you must apply (or reapply) and pay the $275 IRS Filing Fee to have your tax-exempt status reinstated if it was revoked because you failed to file the 990 for three consecutive years. Reinstatement may be retroactive to the date of revocation if the organization can show that it had reasonable cause for not filing. To apply (or re-apply) for tax-exempt status, go here.