990 Tax Exempt Organizations

[sea-tax]

Home owners associations rarely would qualify for exempt status on a 990. They either go on an 1120 or an 1120-H.

Thanks Bees , but you may want to see my post above. I unfortunately had a horrible day dealing with IRS and my mind had turned to mush. I swear when I am done talking to those guys I become more stupid.

[John of PA]

Are you sure??

You can extend for another three months if this is a calendar year 2005 990.

Are you sure? I already got one extension from the origianl due date of May 15th? That would be great if another extension can be sent. As many of you probably know, the penalty for late filing of a 990 is $ 25. per DAY. It's no wonder many tax accountant don't bother with these return.

[S T]

Deadlines and Extension

May 15th is the first due date on the 990/990EZ form. First extension automatic extension for 3 months due 8/15/06, then 2nd extension request approval would extend to 11/15/06. Form 8868 for both first and send extension.

Sandy

[John of PA]

TY Sandy

Thank you Sandy for that confirmation on extension for 990's. I sent out the additional extension yesterday FedEx, which leads to another question which I will post as a separate topic (FedEx).

[Scarecrow]

I would be curious to know how many out there have ever done a 990 before? In my 24 years in the biz, I have never had to deal with one.

I seem to recall reading somewhere that more people get struck by lightning in this country than do 990s.

Maybe that was just a dream. Anyone else recall reading that?

[Bees Knees]

According to this web site,

http://www.lightningsafety.noaa.gov/medical.htm

70 people die each year from lightning strikes, and only 10% struck by lightning die. That would mean 700 people get struck by lightning each year.

According to this web site,

http://www.irs.gov/pub/irs-soi/histab16e.xls

251,676 nonprofit returns were filed in 2002. That is 360 returns filed per lightning strike.

According to this web site,

http://www.guidestar.org/news/features/nccs_results.pdf

63% of non-profits have their returns prepared by a paid preparer. That would mean 158,556 returns were filed by paid preparers.

If we assume the average paid preparer does a half dozen of these per year, that means 26,426 paid preparers do 990s, or 37 paid preparers for every one person struck by lightning.

So, Scarecrow, I think we can assume you were just dreaming on this one.

[DaveO]

We are a small office, only 4 preparers. I do a 990PF and one of the other preparers does 2 990's. I will have 1 more this year. So that's 4 out of about 1,100 total returns. The rest is about 125 or so 1120, 1120S, 1065 and 1041 forms. About 1/2 of our 1040 forms have a "C".