What is the due date of private foundation tax returns (Form 990-PF)?
The due date for private foundation tax returns depends on the organization’s fiscal year-end. In general, Form 990-PF is due on the 15th day of the 5th month after the close of the foundation’s fiscal year. Below is a breakdown of the filing deadlines:
1. Calendar Year-End (December 31):
For private foundations with a fiscal year-end that aligns with the calendar year (ending on December 31), Form 990-PF is due by May 15th of the following year. Since the majority of private foundations use a calendar year-end, May 15 is the standard due date for most organizations.
2. Fiscal Year-End Other Than December 31:
Foundations with fiscal year-ends that differ from the calendar year must file by the 15th day of the 5th month after the close of their fiscal year. For example, if a foundation’s fiscal year ends on March 31, the return would be due by August 15.
If the due date falls on a weekend or federal holiday, the deadline is extended to the next business day.
Filing Extensions
Private foundations can request an automatic six-month extension by submitting IRS Form 8868 before the original due date. The extension is granted automatically and does not require any explanation. For calendar-year filers, this shifts the filing deadline to November 15.
Filing Requirements
All private foundations are required to file Form 990-PF annually, regardless of their activity level, grants made, asset base, or investment income. Failure to file on time can result in penalties and other adverse tax consequences.
Penalties for Late Filing (for tax year 2024)
Failure to file Form 990-PF by the due date, including extensions, can result in the following penalties:
• $20 per day for each day the return is late, up to a maximum of $12,000 or 5% of the foundation’s gross receipts, whichever is less.
• For foundations with gross receipts exceeding $1,208,500, the penalty increases to $120 per day, with a maximum of $60,000.
These penalties highlight the importance of timely filing to avoid financial repercussions and ensure compliance with IRS regulations.
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