IRS building outside
services: Tax Planning

Watch a replay of BPM’s recent webinar to learn everything you need to know about Form 990.

Co-authored by Elena Serebriakova, Jena Lee and Nancy Ahn

On July 13, 2023, BPM held a webinar that explained the key concepts of Form 990. The presentation was tailored to individuals new to or working on increasing their familiarity with the form and all of its components. Moderated by BPM Tax Managing Director Elena Serebriakova, this in-depth tutorial featured detailed overviews by BPM Tax Managers Jena Lee and Nancy Ahn. All presenters have extensive experience assisting nonprofit organizations throughout the United States with their tax and compliance needs.

During their remarks, the speakers reviewed:

  • Which organizations must complete Form 990, 990-EZ or 990-PF.
  • Key dates: When the filings and extension requests are due.
  • Penalties assigned to late and/or incomplete filings.
  • A detailed overview of requirements related to financials, disclosures, checklists, governance items and compensation.
  • An introduction to the numerous schedules covering public support requirements, donor disclosures, political and lobbying activities, fundraising, gaming activities and more.

Some notable key takeaways included:

  • Most nonprofit organizations (except churches) that are exempt under the Internal Revenue Code 501 must file a Form 990 of some type annually.
  • The form must be filed electronically, and completed in full, so as not to be considered late.
  • Form 990 is due on the 15th day of the fifth month after the end of the accounting period. · The form’s written instructions are incredibly useful to our practitioners and anyone who works on these forms on a regular basis. Guidance around the form is often changing

Watch a replay of the session here.

Related Insights