Embedded Files
The IRS is the federally regulating body for 501(c)(3) organizations.
The IRS is the federally regulating body for 501(c)(3) organizations.
Your PTA becomes a federally registered 501(c)(3) upon affiliation with Minnesota PTA. As a federally classified nonprofit, your PTA is required to align it's nonprofit practices, & reporting to abide by the requirements of the IRS.
PTAs must:
be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual.
not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates. Section 501(c)(3) organizations are restricted in how much political and legislative (lobbying) activities they may conduct. For a detailed discussion, see Political and Lobbying Activities.
not be organized or operated for the benefit of private interests, and no part of a section 501(c)(3) organization's net earnings may inure to the benefit of any private shareholder or individual. If the organization engages in an excess benefit transaction with a person having substantial influence over the organization, an excise tax may be imposed on the person and any organization managers agreeing to the transaction.
About the 990 Filing
About the 990 Filing
PTAs must report their taxes to the IRS within 5 months and 15 days of the close of their fiscal year. MOST PTAs have a fiscal year of July 1st to June 30th, which makes your 990 submission due date NOVEMBER 15th. If your PTA has a different fiscal year, please check the table of due dates on the IRS website.
There are different types of 990s
990N - For nonprofits under $50,000 gross receipts annually
990EZ - For Nonprofits over $50,000 gross receipts but under $200,000 annually
Full 990 - For Nonprofits exceeding $200,000 gross receipts annually
Filing the 990N with the IRS.mp4Most small tax-exempt organizations that have an annual reporting requirement can satisfy the requirements by submitting Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ. Form 990-N is submitted electronically, there are no paper forms.
An organization eligible to submit Form 990-N can instead choose to file Form 990 or Form 990-EZ to satisfy its annual reporting requirement.
Small tax-exempt organizations generally are eligible to file Form 990-N to satisfy their annual reporting requirement if their annual gross receipts are normally $50,000 or less.
Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses.
Gross receipts are considered to be normally $50,000 or less if the organization:
Has been in existence for 1 year or less and received, or donors have pledged to give, $75,000 or less during its first tax year;
Has been in existence between 1 and 3 years and averaged $60,000 or less in gross receipts during each of its first two tax years; and
Is at least 3 years old and averaged $50,000 or less in gross receipts for the immediately preceding 3 tax years (including the year for which calculations are being made).
However, some organizations aren’t eligible to use Form 990-N (e-Postcard) even if their gross receipts are normally $50,000 or less. These organizations must file different forms instead to satisfy their annual reporting requirement.
Note: a subordinate organization in a group exemption that is included in a group return filed by its central organization does not file Form 990-N because the group return satisfies its annual reporting requirement.
Page updated
Report abuse