Nonprofits are exempt from some tax rules, but there is no escaping the IRS! If your organization is a nonprofit operating in the state of Illinois, there are various forms you may have to file each year with State and Federal entities. The forms listed below include the most common requirements:
Illinois Attorney General
Attorney General Form AG990-IL is due 6 months after the end of the fiscal year. For information and to access this form, go to the website of the Office of the Attorney General.
Illinois Secretary of State
The Illinois Secretary for State requires all corporations to file their annual report every year. The report is due on the first day of the month of the initial incorporation. You can get information on where to send the report on the SOS website.
IRS Annual Return Form 990 series
A common question we hear is, “do nonprofits need to file taxes?” The IRS requires nonprofits to file informational returns and have a deadline of 4 ½ months after the end of the fiscal year. To determine which 990 tax return form your organization will need, you’ll need to see the IRS provided instructions available here. If your organization has a total revenue of less than $50,000 annually, you may be eligible to file the free 990-N e-Postcard. If your gross receipts are less than $200,000 and total assets are less than $500,000, then you may qualify to file Form 990-EZ. Both are available using with the Aplos Software’s nonprofit tax prep software.
Want some helpful tips about filing your Form 990? Here we talk about how to account for nonprofit business expenses, how to account for donated items, do nonprofits need to file 1099s, how to file a Form 990-N, and how to file a 990-Extension.
If you have any other questions about filing your 990N e-postcard, reference this guide. This list is for informational purposes, so check with your tax professional to determine which of these items apply to you and other items you need to address that may not be listed year.
If you’re just getting started with your nonprofit organization, we posted some helpful resources to guide you along. Plus, for those nonprofits that are thinking about updating their software, make sure you take advantage of our free trial and give Aplos Nonprofit Accounting a try.
