The IRS Mandates Electronic Filing of 990 Tax Forms
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What Private Foundations need to know about Form 990-PF?- Updated April 14, 2020 - 8.00 AM - Admin, ExpressTaxExempt
Form 990-PF reports information about the private foundation’s revenue and expenses, activities, names of trustees and officers, application information, and a complete grants list.
Private foundations must make the Form 990-PF return available to the public.
The following are the topics that are covered to provide clear information about the private foundation Form 990-PF, deadline and other related information.
Table of Content
1. What is the IRS Form 990-PF?
Form 990-PF is an annual information return used by Private Foundations
- To calculate the tax based on investment income
- To report charitable distributions and activities.
What’s New for 2020 Tax Year
Reduced tax on Net Investment Income repealed
The Taxpayer Certainty and Disaster Tax Relief Act reduced the 2% Internal Revenue Code section 4940(a) excise tax on private foundation's net investment income to 1.39%. The legislation also repealed Internal Revenue Code section 4940(e), Reduced Tax on Net Investment Income. Therefore it isn't necessary to complete Part V of Form 990-PF.
2. Who must file Form 990-PF?
Form 990-PF is an annual information return that must be filed by the following categorized private foundations:
- Exempt private foundations (section 6033(a), (b), and (c)).
- Taxable private foundations (section 6033(d)).
- Organizations that agree to private foundation status and whose applications for exempt status are pending on the deadline for filing Form 990-PF.
- Organizations that claim private foundation status, haven't yet applied for exempt status, and whose application isn't yet untimely under section 508(a) for retroactive recognition of exemption.
- Organizations that made an election under section 41(e)(6)(D)(iv).
- Private foundations that are making a section 507(b) termination.
- Section 4947(a)(1) nonexempt charitable trusts treated as private foundations (section 6033(d)).
To learn more about the filing requirements. Visit irs.gov
3. When is the Due Date to file Form 990-PF?
IRS Form 990-PF is the federal tax form that private foundations file each year with the IRS.
Private foundations must file Form 990-PF by the 15th day of the 5th month after the tax year ends.
If a private foundation operates on a calendar tax year (which means the tax year ends on December 31), then the Form must be reported with the IRS by May 15th.
Operating in the Fiscal Tax Year? Find your Form 990-PF due date here.
4. How to file Form 990-PF?
What’s New: For tax years beginning after July 1, 2019, the IRS requires electronic filing of exempt organization returns, including Forms 990 and 990-PF.
For the tax year beginning before July 1, 2019, the IRS accepts Form 990-PF either paper filing method or electronic filing method.
To file 990-PF electronically, you can get started with the IRS authorized e-file providers like ExpressTaxExempt.com. By E-filing, you get to know the status of your submitted forms instantly. Choose an Electronic filing method for quick, secure, and more accurate filing.
If you choose to file by paper, download the Form 990-PF, fill in the necessary details and then send it to the IRS by the address mentioned here.
5. What are the components of Form 990-PF?
The following are the topics that are more specific about parts involved in Form 990-PF:
- Analysis of Revenue and Expenses
- Balance Sheets
- Analysis of Changes in Net Assets or Fund Balances
- Capital Gains and Losses for Tax on Investment Income
- Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
- Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948)
- Statements Regarding Activities
- Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors
- Summary of Direct Charitable Activities
- Summary of Program-Related Investments
- Minimum Investment Return
- Distributable Amount
- Qualifying Distributions
- Undistributed Income
- Private Operating Foundations
- Supplementary Information
- Analysis of Income-Producing Activities
- Relationship of Activities to the Accomplishment of Exempt Purposes
- Information Regarding Transfers to and Transactions and Relationships With Noncharitable Exempt Organizations
6. Any additional requirements in filing the Form 990-PF?
Schedule B (Form 990-PF) is used to provide additional information on contributions the organization reported on Form 990-PF, Return of Private Foundation, Part I, line 1.
Every organization must attach the Schedule B to its Form 990-PF, unless it certifies that it doesn’t meet the filing requirements of this schedule by:
Answering “No” on Form 990-PF, Part I, Analysis of Revenue and Expenses, line 2.
7. How to file extension for Form 990-PF?
8. What is the penalty for late filing Form 990-PF?
The penalty for failing to file Form 990-PF or failing to file on time without providing any proper reason, a Private foundation will be penalized for $20 per day up to a maximum of $10,000 or 5 percent of gross receipts (whichever is less).
For larger private foundations (gross receipts exceeding $1 million), the penalty is $100 / day up to a maximum of $50,000 or 5 percent of gross receipts (whichever is less).
9. Where do I mail Form 990-PF?
Private Foundations must file Form 990-PF electronically for the tax year beginning on
or after July 1, 2019.
For the tax year beginning before July 1, 2019, the IRS accepts Form 990-PF either paper filing method. If you choose to file by paper, complete the form and send it to the following address
Complete Form 990-PF and mail or send it to:Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201-0027
If the foundation’s principal business, office, or agency is located in a foreign country or U.S. possession,
Mail or send the return to:Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409.
Choose ExpressTaxExempt to file your Form 990 electronically
To e-file Form 990-PF accurately, you can choose IRS authorized e-file providers like ExpressTaxExempt.com.
Our cloud based Software simplifies the filing process by providing the step by step interview-style filing process and generates the required schedules automatically for you based on the information
that you provide.
If you have already filed Form 990-PF with the IRS, you can correct the information and file the amended return to the IRS.
Even if the IRS rejects your 990-PF returns for any reason, you can fix the errors and retransmit it for Free. By filing electronically with our software, you get to know the status of your submitted forms instantly.