The due date for private foundation tax returns, specifically Form 990-PF, depends on the organization's fiscal year-end. Generally, private foundations must file Form 990-PF by the 15th day of the 5th month after the close of their fiscal year. Here's a breakdown of the due dates:
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. Given that the vast majority of private foundations follow this calendar year-end, May 15th serves as the standard due date for most foundations.
Fiscal Year-End (Other Than December 31)
If a private foundation has a fiscal year-end that is different from December 31, the due date is the 15th day of the 5th month after the close of their fiscal year. For example, if a foundation's fiscal year ends on June 30, then the Form 990-PF would be due by November 15th.
It's important to note that if the due date falls on a weekend or a federal holiday, the deadline is typically extended to the next business day.
Extension of Time to File
Foundations have the option to request a 6-month extension for filing their tax return by submitting IRS Form 8868 before the original due date. The extension is granted automatically without the need for an explanation. For the vast majority of foundations that follow the calendar year-end, this extension effectively shifts the due date to November 15th.
Who Needs to File
Regardless of their activity, grants made, asset base, investment income, and amount of expenditures or receipts, all private foundations are required to file an annual tax return (Form 990-PF) with the IRS. Failure to do so in a timely manner can result in penalties and adverse tax consequences for the private foundation. Therefore, it's crucial for private foundations to be aware of their fiscal year-end and file their Form 990-PF in a timely manner.
