Library - Penalty for a late IRS Form 990

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PENALTY FOR A LATE, INACCURATE OR INCOMPLETE IRS FORM 990

The IRS requires all nonprofits with revenues in excess of $25,000 to file a Form 990 no later than the 15th day of the fifth month after the end of the organization's fiscal year. An organization may request as many as two three-month extensions. Use IRS Form 2758 to request an extension.

In 1996, Congress increased the penalty for failure to file a timely, complete and accurate IRS Form 990 from $10 per day to $100 a day for organizations with annual revenues over $1 million. For such organizations, the maximum penalty is $50,000. For organizations with revenues of $1 million or less, the penalty is $20 per day, and the maximum penalty is limited to $10,000.

Please note: NPCs must include an IRS Form 990 for the foundation's last completed fiscal year with its annual report to VA that is due each year on June 1. As a result, all NPCs ¾ even those with revenues of less than $25,000 ¾ must complete an IRS Form 990 every year.

last updated: 01/04/10