I don't prepare 990 returns, but I'm on the broad of a friends small NFP corp. Can someone who works w/ NFP check me on my understanding of postcard filing?
Facts:
- Has been in business for several years.
- In 2013 and prior years receipts have been over 100K
- 2014 receipts were 67K
- 2015 and going forward receipts will be in the 20-25K range.
From IRS site for postcard filing: "•Is at least 3 years old and averaged $50,000 or less in gross receipts for the immediately preceding 3 tax years (including the year for which calculations are being made)."
My understanding is that even though 2015 receipts will be ~20K, they will still need to file a 990, but in 2016 they can switch to postcard filing? Am I correct?
Facts:
- Has been in business for several years.
- In 2013 and prior years receipts have been over 100K
- 2014 receipts were 67K
- 2015 and going forward receipts will be in the 20-25K range.
From IRS site for postcard filing: "•Is at least 3 years old and averaged $50,000 or less in gross receipts for the immediately preceding 3 tax years (including the year for which calculations are being made)."
My understanding is that even though 2015 receipts will be ~20K, they will still need to file a 990, but in 2016 they can switch to postcard filing? Am I correct?