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; 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 5

&#x2705; What are the additional forms that Tax990 supports for Form 990-T?

Accepted Answer

Tax 990 supports the following Form 990-T forms. While filing your 990-T with us, you can get to know your return's status. The forms we support are Form 8949, Sales and other Dispositions of Capital Assets. read more

Question 6

&#x2705; Who is required to file Form 990-T?

Accepted Answer

Disregarded entities and domestic or foreign organizations exempt under section 501(a), section 529(a), or section 529A(a) that received $1000 or more of their gross income from unrelated businesses must file Form 990-T. read more

Question 7

&#x2705; My organization has zero unrelated business income tax. Do I need to file Form 990-T?

Accepted Answer

No, if you have zero unrelated business income tax to report, you are not required to file Form 990-T. read more

Question 8

&#x2705; Can I e-file Form 990-T for the 2019 tax year?

Accepted Answer

No. The IRS does not allow e-filing of Form 990-T for the tax year 2019. However, you can paper-file the return and send the form in paper format to the IRS read more

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