Form 990-PF - An Overview
- Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation, is an annual information return filed by nonprofits classified as Private Foundations to report their financial information, activities, and more to the IRS.
- The information reported on Form 990-PF can be used by the IRS to ensure that the private foundations are meeting their requirements to maintain their tax-exempt status.
Who Must File Form 990-PF?
Form 990-PF must be filed by,
- Exempt and Taxable Private Foundations
- Section 4947(a)(1) nonexempt charitable trusts (treated as private foundations)
- Private foundations that are making a section 507(b) termination
- Foundations that made an election under section 41(e)(6)(D)(iv)
- Private foundations with a pending application for exempt status
What are the filing Requirements for Form 990-PF?
- The private foundations that file Form 990-PF may be required to include Schedule B if they have received contributions of $5000 or more from any one contributor during the corresponding tax year.
- Also, private foundations that have an unrelated business income of $1000 or more during the corresponding tax year must file Form 990-T.
When is the deadline to file Form 990-PF?
- Just like the other 990 variants, the deadline to file Form 990-PF is also the 15th day of the 5th month after the foundation’s accounting period ends
- Therefore, if a private foundation follows a calendar tax year, its deadline to file Form 990-PF is May 15th.
- Following a fiscal tax year? Find out your organization's 990-PF deadline.
Late Filing Penalties for Form 990-PF
If a private foundation fails to file its Form 990-PF on or before the deadline, the IRS will impose a penalty for each delayed day.
Rates will vary based on the foundation’s gross receipts for the corresponding tax year.
- For Private Foundations with Gross receipts < $1,129,000 $20 / day with a maximum penalty of $11,000 or 5% of gross receipts.
- For Private Foundations with Gross receipts > $1,129,000 $110 / day with a maximum penalty of $56,000 or 5% of gross receipts.
- Visit https://www.tax990.com/form-990-late-filing-penalties/ to learn more about 990 penalities.
Automatic Revocation of Tax-Exempt Status
- The private foundations that fail to e-file Form 990-PF for three consecutive years may even lose their tax-exempt status.
- In order to reinstate their tax-exempt status, they may be required to provide a reasonable cause for failing to file their Form 990-PF.
Extension for Filing Form 990-PF
- If the private foundations haven’t prepared their Form 990-PF and need more time to do so can file Form 8868 on or before the deadline.
- Upon filing Form 8868, private foundations can get an automatic extension of up to 6 months from the IRS.
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