E-File Form 990-PF for 2023: Return for Private Foundation
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- Supports Schedule B and 990-T
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Form 990 PF - Key Takeaways
What is IRS Form 990-PF?
Form 990-PF is an annual information return filed by private foundations to report financial information and activities to the IRS.
Who is eligible to file 990-PF?
Private Foundations described in Section 501(c)(3), holding exemptions under Sections 501(a) and 4947(a)(1) are required to file 990-PF.
When is Form 990-PF Due?
The due date for filing Form 990-PF is the 15th day of the 5th month after the end of the organization’s accounting period.
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Wilfred C. Bussing, III
Attorney, Cecil A And Mabel Lene Hamman Foundation Inc.,
Tax990 has benefited the filing process, that it's so much easier than trying to do it by hand filing. It's quicker and it's far more accurate because of the audit feature. I wish I had been using it for a long time.
Adrian Dieleman
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Dr. Wesley Proctor
Founder and Board President, Wesley Proctor Ministries.
I’ve been using Tax990 for three years now. I use any number of different services but I didn't find a single one of them had everything I needed. Another great thing I find is that the support people are quite responsive, they’re quick, they're accurate and they’re reliable.
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Director of Financial Operations, Biomedical Research and Longevity Society, Inc.
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Executive Director, Brickways.
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Executive Director, Artistic Dreams International Inc.
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Tax990 Enables Seamless 990-PF E-Filing with Exclusive Features
Includes Free Schedule B
Based on the data you enter, Tax990 will auto-generate Schedule B onto your form for free.
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Choose between direct form entry and interview-style filing options to prepare your form easily
Copy Data Option
Copy specific information from prior returns filed with Tax990 to your current year's 990-PF.
Internal Audit Check
Built-in error checks review your completed forms to identlify any IRS instruction errors.
Supports Extension
If you need more time to file, you can get a 6-month extension by filing Form 8868 with us.
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Invite your team members and let them prepare and transmit the 990 filings for your clients. You can assign them specific roles and keep track of their activities
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Prepare and manage 990 filings for unlimited clients (multiple EINs) and have your clients review the returns through a secure portal before transmission.
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How to file Form 990-PF Electronically
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Search for your EIN to import your organization’s data automatically from the IRS. You can also enter your organization’s details manually.
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Tax 990 supports filing for the current and previous tax years. Select the tax year for which you are required to file, select Form 990-PF, and proceed.
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We offer Form-based and Interview-Style filing options. Choose one at your convenience and provide the required form information.
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Review your form summary and make any necessary changes. You can also share your form with team members for review and approval.
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After you review your form, you can pay and transmit it to the IRS. Our system will provide status updates for your form via email or text.
Ready to E-file Form 990-PF?
Form 990-T - Reporting Unrelated Business Income (UBI)
The exempt organization generating $1000 or more income from any unrelated businesses should file Form 990-T to report that information. Tax990 supports the filing of Form 990-T as well.
Ready to E-file Form 990-PF?
What is IRS Form 990-PF?
- Form 990-PF is an IRS form that private foundations must file annually to report their financial information, activities, and certain other information to the IRS and to calculate their taxes based on investment income.
- The IRS uses the information reported on Form 990-PF to ensure that
Private Foundations complies with the established guidelines.
Who must file Form 990-PF?
Typically, the organizations that must file Form 990-PF are:
- Tax-exempt (section 6033(a), (b), and (c)) and Taxable (section 6033(d)) private foundations
- Organizations that claim private foundation status and have a pending tax-exempt application
- Organizations that claim private foundation status but haven’t yet applied for exempt status and whose application isn’t yet untimely under section 508(a) for retroactive recognition.
- Organizations that made an election under section 41(e)(6)(D)(iv)
- Private foundations making a termination under section 507(b)
- Section 4947(a)(1) nonexempt charitable trusts (that are treated as
private foundations)
When is the deadline to file Form 990-PF?
- Generally, the deadline to file Form 990-PF is by the 15th day of the 5th month after the end of the accounting period.
- For organizations following the calendar tax year, the deadline will be
May 15. - Operating on a Fiscal Tax Year? Find your 990 deadline using our due date calculator.
Information Required to E-file Form
990-PF Online
Here is the list of major information that you’ll need to file Form 990-PF online.
- The foundation’s basic Information
- Financial information such as revenue, expenses, assets, and liabilities
- Program-related investments
- Other IRS filings and tax compliance requirements
- Details of the governing body, management, and other key members
Fees to File Form 990-PF Online
- Includes Schedule B
- Copy prior year data
- Built-in error check system
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Frequently Asked Questions IRS Form 990-PF
How many parts are there in Form 990-PF?
Form 990-PF comprises 16 parts (Some parts are optional for certain organizations) Here is an overview of all the parts in Form 990-PF:
- Part I - Analysis of Revenue and Expenses
- Financial information such as revenue, expenses, assets, and liabilities
- Part II - Balance Sheets
- Part III - Analysis of Changes in Net Assets or Fund Balances
- Part IV - Capital Gains and Losses for Tax on Investment Income
- Part V - Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948)
- Part VI - Statements Regarding Activities
- Part VII - Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors
- Part VIII - Summary of Direct Charitable Activities and Program-Related Investments
- Part IX - Minimum Investment Return
- Part X - Distributable Amount
- Part XI - Qualifying Distributions
- Part XII - Undistributed Income
- Part XIV - Supplementary Information
- Part XV - Analysis of Income-Producing Activities and Relationship of Activities to the Accomplishment of Exempt Purposes
- Part XVI - Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
Check out our step-by-step instructions to understand how to complete Form 990-PF.
What are the additional filing requirements for Form 990-PF?
- Private foundations that file Form 990-PF may be required to attach Schedule B, depending on the data they reported.
- Schedule B is typically filed when a private foundation has received contributions of $5000 or more from any one contributor during the corresponding tax year. Learn more about Schedule-B
Should Form 990-PF be filed electronically?
Yes! The IRS mandates that Form 990-PF must be filed electronically for tax years ending on or after July 31, 2020 (per the Taxpayer Act of 2019).
Get Started with Tax990 and file your Form 990-PF electronically with the IRS. We support current (2023) and prior year filings (2022, 2021).
Can I get an extension to file Form 990-PF?
- Yes! If your foundation needs more time to file Form 990-PF, you can file Form 8868 to extend your 990-PF deadline. Upon filing Form 8868 on or before the original deadline, the IRS will grant an automatic 6-month extension.
- This means if your organization follows the calendar tax year and files an extension, your extended 990-PF deadline will be November 15.
What are the penalties for filing Form 990-PF late?
- For smaller organizations with gross receipts < $1,208,500, the penalty for late filing Form 990-PF is $20/day. The maximum penalty is $12,000 or 5% of the foundation’s gross receipts (whichever is less).
- For larger organizations with gross receipts > $1,208,500, the penalty for late filing Form 990-PF is $120/day. The maximum penalty is $60,000 or 5% of the foundation’s gross receipts (whichever is less). Learn more about 990-PF penalties.
Can I file Form 990 or 990-EZ instead of Form 990-PF?
No, A Private foundation cannot choose to file Form 990 & Form 990-EZ. They are required to file Form 990-PF, irrespective of their gross receipts and assets.
If my organization has zero gross revenue, do I still need to complete the 990-PF?
Yes, Even if the foundation has no gross income in the tax year and has incurred losses on investments, it is still required to file Form 990-PF annually.
Do Private Foundations that file Form 990-PF Need to pay taxes?
Generally, Private foundations that obtain exempt status from the IRS are not required to pay federal income taxes. However, a domestic exempt private foundation, a domestic taxable private foundation, or a nonexempt charitable trust treated as a private foundation must make estimated tax payments for the excise tax based on investment income if it can expect its estimated tax to be $500 or more.
Helpful Resources for IRS Tax Form 990-PF
Knowledge Base for E-Filing Form 990-PF
