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.