Form 990 - Everything the Schools Should Know About
Ready to E-file Form 990?
Tax-exemption for Schools - An Overview
- If an organization is organized and operated exclusively for educational purposes, it is eligible for obtaining federal tax exemption from the IRS. And this includes Schools as well.
- The Schools and other educational organizations that obtained tax exemption from the IRS aren’t subjected to federal income taxes.
Application for Tax Exemption
- In order to be classified as tax-exempt by the IRS, the Schools are required to file Form 1023.
- Upon filing, the schools will be provided with an exemption from federal income taxes under the IRC section 501(c)(3).
Form 990 Filing Requirements for Schools
- The Schools that obtained federal tax exemption must file 990 Series Forms annually to report their financial information, activities, and certain other information required by the IRS.
- The type of form that schools need to file depends upon their financial status,
- Form 990-N - Schools with gross receipts ≤ $50,000
- Form 990-EZ - Schools with gross receipts < $200,000 and assets < $500,000
- Form 990 - Schools with gross receipts ≥ $200,000 or assets ≥ $500,000
Deadline to file Form 990
- The deadline for Schools to file Form 990 is the 15th day of the 5th month after their accounting period ends.
- Following a fiscal tax year? Find out your School’s Form 990 deadline.
Penalties and Automatic Revocation
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If a tax-exempt School fails to file Form 990 within the deadline, it will be subjected to penalties from the IRS. The penalty amount depends on the gross receipts of Schools.
Learn more - Also, Schools that fail to file 990 forms for 3 consecutive years may have their tax-exempt status revoked by the IRS.
Tax990 Simplifies Form 990 Filing for Schools!
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provider of 990 forms.
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