Tax Filing & Colorado SOS Reminder
We hope this email finds you well. With the fall weather also comes the season to file your federal tax return and renew your registration with the Colorado Secretary of State. If you have already completed these tasks and sent them to Parents’ Council---thank you!!
Federal tax returns and Charitable registration renewal with the Colorado Secretary of State are due on 11/15/2020.
In lieu of a tax workshop this year, Parents’ Council has created a page on our website to help with filing your tax return. You can find these resources HERE.
Federal Tax Returns
If you are filing electronically, we suggest filing several days prior to make sure there are no technical difficulties. If you are sending your return via U.S. Mail, please send Certified Mail for proof of mailing and keep for your records.
If your organization is filing a 990-EZ or 990 long form and you are unable to file before the deadline, please file an extension Form 8868 by the deadline to avoid fines. If your organization is filing a 990-N postcard, this postcard can be filed on the IRS website for free and only takes 5-10 minutes; therefore, there is not an extension available for filing the postcard.
Organizations that do not file their tax return for three consecutive years will lose their nonprofit status and will need to apply to be reinstated with the IRS. This includes filings that are not accepted or returned for errors and not refiled. If you receive any communication from the IRS, please forward a copy to the Parents’ Council treasurers at firstname.lastname@example.org.
What do I need to file?
990-N postcard: Organizations with gross receipts of $50,000 or less. These gross receipts include income received from all sources before expenses. Organizations who usually bring in more than $50,000 but have an off year and bring in less than $50,000 would not qualify for a postcard as it is termed as “normally under $50,000” and uses a 3-year cycle.
990-EZ: Organizations with gross receipts of $50,000-$200,000.
990 Long Form: Organizations with gross receipts over $200,000.
Colorado Secretary of State Charitable Registration Renewal
Once you have filed your tax return, remember to renew your registration with the Colorado Secretary of State by November 15th. Financial information from the 990-EZ or 990 long form is used to complete the financial statement and organizations who filed the 990-N will use their organization financials to complete the financial statement and renew their registration with the Secretary of State. Filing the financial statement and paying the $10 registration fee will enable your organization to continue to fundraise legally within the state of Colorado.
Once these tasks are completed, please remember to send copies of the following documents to the Parents’ Council documents team at email@example.com .
Federal Tax Return & proof of filing
Colorado Charitable Organization Annual Financial Statement
Certificate of Registration -- Due 11/15 - (2/15 date is a grace period)
**For additional assistance, please refer to your training materials and previous returns as reference. If you need any additional guidance, please seek the assistance of a tax professional with experience working with nonprofit organizations.
Paula Krier & Tabitha Strezo - Treasurers, Parents' Council
Traci Tolbert - Webmaster, Parents' Council