Let’s be honest here:
The IRS Form 990 can be a beast of a tax-document.
But if you want to retain the tax-exempt status of your organization, it’s a beast you’re going to have to slay.
For starters, there’s a lot to learn. Take a look at the IRS’ instruction manual for filing and you’ll notice pretty quickly that it’s 100-pages long.
However, if reading lengthy, tax-related documents written by the Internal Revenue Service feels a bit taxing (pun intended), you’re in luck, the IRS has a full class called the Form 990 Overview Course, that you can take on the subject.
Still too much?
Well, here’s the ONE thing you should know before filing.
You can have a professional e-filer submit your application for you.
Instead of taking hours trying to bootstrap your knowledge of our nation’s non-profit tax-code, you can simply hire someone with the knowledge, technology, and experience to do it for you.
Need help finding an IRS-approved tax filer?
With that said, here are a few reasons why outsourcing your filing may be the best option for your tax-exempt status, your organization, and your health…
Every second of your time has a cost attached to it.
This is called the opportunity cost, and it effectively means that in any action you take, there’s a value to it and a value to any alternative use of that time; the opportunity cost.
Developing your knowledge of the U.S. tax system as it applies to your non-profit can require a considerable sacrifice of time. Time that would likely be better spent improving the financial health and success of your nonprofit.
And with every hour put into reading, re-reading, and communicating that information to your staff you’ve lost an hour that could’ve been put towards more long-term and productive work.
Here’s an overview of what you’ll need to do to file the IRS Form 990:
- Determine your tax-filing form (Form 990, 990EZ, or the 990-N)
- Read through each of the 15 IRS Schedules and verify which supplemental documents you’ll need to include with your application.
- Gather all required financial information for your nonprofit (per branch location), a complete breakdown of your organizational structure, and any supplemental information required by the IRS schedules.
- Submit through e-filing or physical mail.
- Check to verify with the IRS when your application has been received.
- Check again to verify that your application has been approved—this can take up to 6 months.
- If your application is deemed incomplete or otherwise rejected, return to step 1 and resubmit.
The biggest difficulty of the IRS 990 application process is that it requires steady, detailed financial and organizational records across the fiscal year.
Which means it can’t be done over a weekend.
The IRS form 990 requires consistent record-keeping and attention, otherwise, you may end up getting a dreaded form 8868; an effective return to sender.
Instead of losing precious time to the IRS 990 application process, an IRS-approved e-filer will retain your organization’s records, email you for updates, keep track of when it’s time to file and what you’ll need, put it all together, and submit your filing on time with guaranteed form acceptance notification within 24 hours.
It’s faster than filing yourself.
The IRS Form 990 can take a while to file.
The reason for this is because the amount of scrutiny required to submit an accurate and complete form is extreme.
And so are the penalties.
Fail to deliver accurate and comprehensive filing and you’re likely to have your form submission rejected. When this happens, you will be sent the IRS form 8868 which is a letter informing you that your Form 990 filing has been rejected and why.
Unfortunately, this also means having your submission delayed.
Even more time lost.
However, using an IRS approved e-filer and their proprietary software, filing is a lot easier and a lot quicker.
With File990’s software, you can finalize your submission in four steps.
- Choose your form type.
- Enter your nonprofit’s EIN.
- Answer a few questions.
- Hit submit.
Yep. It’s that quick.
After that, we’ll take over.
Where File 990 shines to save you time is that it leverages secure, bank-level technology to extract your organization’s historical data from the IRS, track your previous filings, submit the year’s filings, and set up automated reminders to keep each component of your nonprofit in approved tax-exempt status with the IRS.
No more missed deadlines. No more time wasted refiling failed submissions.
Even in terms of managing your time spent communicating to other leaders in your organization, File 990’s software can help bridge the gap between your individual branches and your main headquarters.
In the software’s advanced dashboard, you can set up an automatic email with a one-click submission link to streamline the filing process across your branch locations.
This means that instead of spending hours, days, weeks, and months corresponding with the heads of each of your nonprofit’s individual components, the system will orchestrate and execute this correspondence for you.
Want to save more time for yourself?
Preparing and filling out the IRS Form 990 can take months. From attempting to coordinate with the IRS to knowing which schedule is required for your filing, deadlines, etc., the process can capture more time than you think.
With a dedicated partner in File 990, you’ll get a full team of staff members ready to help you in your filing process, and answer any of your most pressing questions, saving you weeks or even months of time spent filling on your own.
Frankly, it’s good for your health.
- Speak to outsourcing as a stress-free alternative.
- Reliability of the service to achieve the end result (maintain tax-filing status)
There’s something to be said about removing stress from your life.
As we’ve said before, the IRS Form 990 can be a serious headache. It’s a long form, it’s a lot to learn, the stakes for an incorrect or incomplete filing is high, and reading through all the supplemental forms can make you physically ill.
Although we may live in a DIY culture, going head-to-head with the IRS isn’t a battle you want to wage unprepared.
Missing your deadline, getting your application rejected, having to resubmit, and generally spending a second longer than you have to on the IRS Form 990, just isn’t good for your health.
So, consider hiring a professional.
It’ll save you more than just money, time, and your health—a stress-free life is a happier life.
Let us handle the headaches.
If you’d like to learn more about what File 990 can mean for your IRS 990 filing
Click here for more information and to contact us directly.