Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Never filed form 990 irs nonprofit? - I am treasurer for an 501c7 organization that has never filed a form 990. We are all volunteer board and I just started last year. We have gross receipts of 100k and I just found out that an IRS for 990 is required even though we have never owed taxes. I am worried that if I file this that the IRS will look at past years and assess some kind of penalty. However, I want to make sure we are complying with IRS low. We dont have any excess money so any penalties over say 5000 will probably put us out of business. Do we need to file a form 990 if we owe no taxes and how best to do it so we dont risk bankruptcy? -
