The Internal Revenue Service is reminding more than 65,000 Illinois tax-exempt organizations the deadline to file a required annual return for 2015 is Monday, May 16.
Which form an organization must file normally depends on its financial activity. Tax-exempt organizations with average annual receipts more than $50,000 must file a Form 990 or 990-EZ depending on their receipts and assets. Organizations that need additional time to file may obtain an extension.
Small tax-exempt organizations with average annual receipts of $50,000 or less may file an electronic notice called a Form 990-N, which asks organizations for a few basic pieces of information. There is no extension is available for filing the Form 990-N.
Form 990-series returns are due on the 15th day of the fifth month after an organization’s tax year ends. For organizations that use a calendar year the deadline is May 15. Because the 15th falls on a weekend, the deadline moves to the next business day, Monday, May 16.
If an organization does not file as required for three consecutive years, it automatically loses its tax-exempt status. Churches and church-related organizations are not required to file annual reports.