As tax-exempt entities, the IRS requires all 501(c) groups to file a variation of the Form 990. The deadline of these forms is the 15th day of the fifth month after fiscal year end. For groups who run a fiscal calendar year of July to June, this will make thedeadline November 15th. For your reference, this depends solely on how your individual group operates and maintains its finances. In order to maintain a tax-exempt status, yearly filing of the Form 990 is imperative. Failure to file may result in fines and automatic loss of tax-exempt status by the IRS.
Please note that Fraternal Law requires that a copy of these forms be sent to the National Headquarters in Evanston, IL after filing with the IRS. You may send a copy of your Form 990 directly to Tommy Long, Staff Accountant at tlong@www.sae.net.
If you are unsure of which Form 990 your group should file, please see below:
Form 990
Gross receipts of the organization are over $200,000 or total assets of the organization are over $500,000.
Form 990-EZ
Gross receipts of the organization are over $50,000 but less than $200,000 AND total assets are under $500,000.
Form 990-N
Gross receipts are under $50,000. This may be submitted electronically or over the phone by calling the IRS at 877-829-5500.
The IRS has created a how to file guide, which may be accessed HERE.
If you have any questions or concerns please contact Tommy Long, Staff Accountant at tlong@www.sae.net or 224-307-9760.
