As tax-exempt organizations, county medical societies filing their required Form 990 should be aware of changes to the process this year.
Most small tax-exempt organizations whose annual gross receipts are normally $50,000 or less, which describes the majority of county medical societies, can submit Form-990-N electronically. It is easy to complete, and there is no paper option.
Prior to Feb. 29 of this year, those filing electronically were linked to a third-party website hosted by the Urban Institute. That is no longer the case as the IRS is hosting the Form 990-N website. All Form 990-N users, including those previously registered with the Urban Institute, are required to register before completing the Form 990-N. This is a one-time registration and county medical societies will not need to re-register each year.
Click here for the IRS Form 990-N site and to complete the new registration and file Form 990-N. County medical societies will need only eight items of basic information about their respective organization to complete their filing.
The filing deadline for tax-exempt organizations is the 15th day of the fifth month after the end of the organization’s tax year. For organizations operating on a calendar year, the deadline is May 15. However, because May 15 is on a Sunday this year, the deadline to file is Monday, May 16.
An organization that fails to file the required e-Postcard or other Form 990 for three consecutive tax years automatically loses its tax-exempt status. Reinstating the tax-exempt status is a cumbersome process and can subject that organization to a tax liability until it is reinstated.
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