What are the penalties for not filing or incorrect filing of Form 990-EZ?
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Last modified 4/19/2024 4:11:14 AM EST |
Applicable To
990-PF
990-N
990-EZ
990
8868
1120-POL
If nonprofits and tax-exempt organizations don’t file Form 990-EZ on time or file with incorrect information, they will be subjected to a penalty. This penalty amount depends on the organization’s size.
For smaller organizations (Gross receipts < $1,208,500), the penalty amount is $20 for each day. The maximum penalty for each return won't exceed the smaller of $12,000 or 5% of the gross receipts of the organization for the year.
For larger organizations (Gross receipts > $1,208,500), the penalty amount is $120 for each day. The maximum penalty for each return won't exceed $60,000.