Irs 990

IRS Form 990 explanation form

All chapters must complete an IRS 990 explanation form and return it to the Executive Offices. This form is a Phi Kappa Tau form where the chapter indicates whether or not the chapter will file an IRS 990 with the IRS. Chapters who have an operating budget greater than $25,000 must file at IRS 990 with the IRS annually by all chapters and house corporations not exempted by the Internal Revenue Service. A 990 EZ form is available for chapters to file. Check with your local IRS for a copy of this form. Phi Kappa Tau Fraternity and most chapters are exempt from paying FEDERAL INCOME TAX under provisions of Section 501(c)(7). Phi Kappa Tau chapters are NOT exempt from paying SALES TAX. Gifts to the Fraternity are not tax deductible. The original date of the exemption is February 19, 1941.

IRS Form 990 is the basic federal tax form for nonprofit organizations. Exempt organizations with gross annual receipts not normally in excess of $25,000 have been relieved of their requirement to file this form. If your chapter receives a Form 990 in the mail, even if you are below the $25,000 limit, you must return the form with the address label provided and check the box indicating gross receipts are below the level requiring a completed informational return. This way, the IRS can clear its files rather than expressing concern over no response. IRS Form 990 must be filed on or before the l5th day of the fifth month after the end of the chapter’s fiscal accounting year. For example, if a chapter’s fiscal year ends on June 30; its 990 would have to be filed before November 15. If the return cannot be filed by the due date, a request for an extension of time should be sent to:

Internal Revenue Service
11601 Roosevelt Boulevard
Philadelphia, PA 19155

Instructions and a blank form are sent to the chapter if they previously have filed. If you have questions, or need additional information, contact the IRS district director in your region, or call the Executive Offices. Information needed to complete the form: Phi Kappa Tau’s Group Exemption Number (GEN) is 0332. If a required return is not filed by the due date or the extended due date, a penalty of $10 a day, not to exceed the smaller of $5,000 or 5% of the gross receipts of the organization for the year, will be imposed.

Did you find this information useful? Do you feel you can improve upon it? Are you an expert in another area? Join the site and edit or create new resources for Phi Kappa Tau.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License

SSL configuration warning

This site has been configured to use only SSL (HTTPS) secure connection. SSL is available only for Pro+ premium accounts.

If you are the master administrator of this site, please either upgrade your account to enable secure access. You can also disable SSL access in the Site Manager for this site.