990 N/EZ
Alaska PTA reminds all local PTA units to file the IRS Form 990-N, 990-EZ or 990 Long Form. Not sure which one to file? Visit the button below "Which 990 Form?"
Failure to file could result in the AUTOMATIC revocation of a local unit's 501(c)(3) nonprofit tax-exempt status by the IRS and loss of the unit charter under both Alaska PTA and National PTA. Annual filing is required. The form a unit must file depends upon the unit’s gross receipts and total assets:
Form 990-N can be filed if the unit has gross receipts of $50,000 or less, and it is being filed on time. The IRS no longer will redirect filing to the site called the Urban Institute. 990-N (ePostcards) are now submitted through the IRS website directly.
If registering for the 1st time it may take about 5-10 minutes longer. Make sure to save a copy of the 990-N (ePostcard) when finished and send to Alaska PTA. Keep a copy for the local unit's records. This information is public information and anyone requesting a copy of the 990 filing must be presented it immediately if requesting in person or within 30 days if in writing.
Form 990-EZ can be filed if the unit has gross receipts less than $200,000 and total assets less than $500,000 at the end of the tax year.
The 990 Long Form must be filed if the unit has gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000 at the end of the tax year.
Most small tax-exempt organizations whose annual gross receipts are normally $50,000 or less are required to electronically submit Form 990-N, also known as the "e-Postcard," unless they choose to file a complete Form 990 Long Form or Form 990-EZ instead.
What are gross receipts? ALL funds deposited into the unit's bank accounts as well as the market value of any donations received during the fiscal year are the gross receipts. The only funds NOT included in gross receipts would be the starting funds at the beginning of the year (usually the total of the unit's bank accounts) and any transfers of funds between the unit's accounts.
The filing deadline for a nonprofit whose IRS fiscal year ended June 30, is November 15 or due every year by the 15th day of the 5th month after the close of your tax year.
For more detailed information on the above or on filing the Form 990, 990-EZ or 990-N, go to www.irs.gov keyword 990.