Avoid Unnecessary Penalties for Your Non-Profit

Many non-profit boards and executive staff will choose not to invest in the necessary accounting and consulting services that will efficiently organize their financial structure while managing the never-ending round of annual filings required by the Internal Revenue Service (IRS) and within the State of Illinois. Unfortunately, some charitable organizations will often incur unnecessary penalties such as fines or even revocation of their tax-exempt status as a result.

Simply knowing all of the forms, filing requirements and potential extension options for your organization can prevent that unnecessary headache.

Form AG990-IL
Illinois Attorney General’s Office
Due Date:             Annually due within 6 months of fiscal or calendar year-end.
Extension:            Yes, a 60-day extension request must be in writing and received by their office prior to the due date.
Filing Fee:             $15
Late Filing Fee:    $100
Signatures (3):     President or Trustee, AND Treasurer or Trustee AND Preparer
Payment to:          ILLINOIS CHARITY BUREAU FUND - 100 West Randolph 11th Floor, Chicago, IL 60601

Annual Report
Illinois Secretary of State
Due Date:             Annually due on the first day of the month of the initial incorporation date.
Extension:            No.
Mail Filing Fee:  $10
Electronic Fee:    $36 ($10 + $25 Expedited Fee + 2.35% fee OR minimum $1 assessed for Credit Cards).
Late Filing Fee:   $3
Payment to:         Mailed or electronic (Visa, MasterCard, Discover or American Express).
Signatures:           None, but must include the officers (maximum of 6) and directors (maximum of 7) along with mailing addresses on the submitted form.

Form 990 (If annual gross receipts are greater than $200,000 or total assets greater than $500,000)
Internal Revenue Service
Due Date:             Annually by the 15th day of the 5th month after the organization’s year-end.
Extension:            Yes, use Form 8868 to request an automatic 3-month extension. 
                                  If necessary, an additional (not automatic) 3-month extension may also be filed at the same time.
Filing Fee:            None (unless filed late).
Late Filing Fee:   $20.00 per day, not to exceed lesser of $10,000 or 5% of the gross receipts of the organization for the year.
Return to:             Internal Revenue Service Center
                                  Ogden UT 84201-0027
Signatures (2):     Signature of Officer, AND Preparer

Other versions of IRS Form 990 Include:

• Form 990-N (if annual gross receipts are less than $50,000)
• Form 990-EZ (if annual gross receipts are less than $200,000 or total assets less than $500,000)
• Form 990-PF (every private foundation must file annually, regardless of its revenues or assets)

Non-profit organizations should consult a professional accountant, if one is not on staff. Some Certified Public Accounting (CPA) firms such as John Kasperek Co., Inc. provide consulting services at an affordable rate to non-profits in monthly accounting, bookkeeping, IRS/tax services, budgeting and planning, and more.

If your organization is currently on extension and/or needs immediate assistance with your Form AG990-IL, Annual Report and/or 990 Tax Return, email This email address is being protected from spambots. You need JavaScript enabled to view it. or call (708) 862-2262.

 As always, these statements reflect the opinions of John Kasperek Co., Inc. and you should consult your attorney and/or tax professional to best determine how the law affects your unique situation.