Question 1

&#x2705; What are the penalties for filing Form 990-T late?

Accepted Answer

If an exempt organization files Form 990-T after the due date (including any extensions) and don’t provide a reasonable explanation for filing late, the IRS will impose a penalty. read more

Question 2

&#x2705; What is the purpose of Form 990-T?

Accepted Answer

Form 990-T is to calculate and report an organization's unrelated business income. If your organization has a gross income of $1000 or more from unrelated business income for the tax year, you must file Form 990-T. read more

Question 3

&#x2705; My organization changed its legal name. Is there any additional reporting to be done with Form 990-T?

Accepted Answer

An organization that changed its name must check the box next to “Name of organization” on Form 990-T to indicate the change. Also, the organization must provide relevant documentation that supports the name change read more

Question 4

&#x2705; How does an exempt organization change its accounting period while filing 990-T?

Accepted Answer

When an organization wants to change its accounting period, it must file Form 990-T by the due date of the short tax period from which the accounting period is to be changed read more

Question 5

&#x2705; Can Form 990-T be made available to the public?

Accepted Answer

Organizations that file Form 990-T are required to make their business income tax returns and related schedules available for public inspection for three years following the deadline, including any extension. read more

Question 6

&#x2705; What schedules should I file with Form 990-T?

Accepted Answer

When filing your Form 990-T with the IRS, you may need to attach Schedule A as an attachment along with your 990-T return. read more

Question 7

&#x2705; What is the purpose of Schedule A on Form 990-T?

Accepted Answer

The purpose of Schedule A is to report income and allowable deductions for each separate unrelated trade or business. read more

Question 8

&#x2705; What information can I amend in a 990-T return?

Accepted Answer

You can amend all the information on your originally filed return, except your organization's EIN (Employer Identification Number). read more

Question 9

&#x2705; Can I amend a Form 990-T return filed with a different service provider?

Accepted Answer

Yes. Tax990 allows you to amend your Form 990-T return, even if the original return was filed with a different service provider. read more

Question 10

&#x2705; How do I amend Form 990-T using form-based filing?

Accepted Answer

Tax990 supports the amendment of Form 990-T returns. You can amend your 990-T return with our form-based filing method through simple and easy steps. read more

Question 11

&#x2705; Should an amended 990-T return be made available for public inspection?

Accepted Answer

Organizations that file an amended 990-T return are required to make their business income tax returns and related schedules available for public inspection for three years read more

Question 12

&#x2705; How do I file an extension for Form 990-T?

Accepted Answer

File Form 8868 with Tax990 and get an automatic 6-month extension of time to file your Form 990-T return. read more

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