Hello business taxpayers! The last date to apply for the business income tax extension form 8868 for your tax-exempted organizations is coming soon. Certain business organizations are not entitled to pay taxes to the federal government and are exempted from tax payments to the IRS. Tax–exempted organizations don’t have to pay any taxes, but they have to file their tax reports to the IRS every year within the deadline. If they can’t submit the tax reports through the original form by the last date, they should apply for form 8868 to get an extension to report the business income taxes.
Category Archives: Form 8868
It’s time to apply for tax extensions to get extra time to report your business and personal taxes!
Hello taxpayers! As the new tax year starts, you must report and pay your business and personal income taxes to the IRS on or before the deadlines. If you fail to report your taxes on time, IRS will charge hefty penalties, late charges, and interests over your tax dues. To avoid this unfortunate circumstance, they offer automatic extension time from three to six months based on your tax category. Therefore, you must apply for a tax extension to the IRS to avail the extra time to report your taxes to the IRS.
There are multiple tax extension forms for business and personal income taxes. Taxpayers must identify suitable income tax extension forms and apply them to the IRS within the deadlines. Let us look into extension tax forms, their purposes, and deadlines for your clear understanding.
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Business Tax Extension Form 8868 is due today for Tax-Exempt Organizations
Hello Taxpayer! Today is the deadline to apply for a business tax extension for your tax-exempt organizations. Non-profit and tax-exempt organizations are not liable for any taxes because they are excluded from any taxes by the federal government. But they have to file their business income tax reports to the IRS within the deadline. If they cannot report the taxes for the previous year within the deadline, they should apply for a tax extension to the IRS and get the automatic tax extension time to report their business income taxes.
May 16 is filing deadline for many tax-exempt organizations
The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with the IRS. These returns are:
- Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF)
- Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ
- Form 990-T, Exempt Organization Business Income Tax Return (other than certain trusts)
- Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code
Face-to-face IRS help available in more than 30 cities on Saturday, March 12
The Internal Revenue Service on march 4, 2022 announced that many Taxpayer Assistance Centers (TACs) will offer face-to-face Saturday help without an appointment from 9 a.m. to 4 p.m. on Saturday, March 12. Normally TACs are only open weekdays.
“Being open on select Saturdays is offered for people to get the help they need when they need it,” said IRS Wage and Investment Division Commissioner and Taxpayer Experience Officer Ken Corbin. “We know that many taxpayers work during the week or have other obligations that make it difficult to get away to take care of their taxes during our routine business hours. We’re here to help, and people don’t need an appointment during these special Saturday hours.”
