Everything You Need to Know About Form 8868 for Tax-Exempt Organizations. 

Hello, taxpayers! This blog post will be helpful if you own a tax-exempt organization or responsible for tax preparation for such an organization. Please read it thoroughly and learn about IRS business income tax extension Form 8868. Tax-exempt organizations are usually charitable, educational, medical, environmental, scientific research and other welfare organizations that play essential roles in society. So, the federal government granted them a tax-free status, allowing them not to pay business income tax dues every year. However, they must file their tax reports annually using their respective tax form to the IRS within the deadline. If the tax-exempt organization cannot report their income taxes on time, they can apply for the business income tax extension Form 8868 to get the automatic extension from the IRS. The deadline to report your business income tax is approaching. Ensure you report your income taxes or apply for an extension Form 8868 before the deadline to comply with your tax responsibilities.

Let us dive into frequently asked questions that provide more information about the extension Form 8868.

What is Form 8868 and its uses?

The IRS Form 8868 is utilized to request an extension time to report business income tax returns for tax-exempt organizations. Once appropriately applied within the deadline, the IRS grants the filer an automatic six-month extension to submit the business income tax reports with all supporting documents and proofs.

Who is eligible to submit Form 8868?

Owners, tax preparers, or individuals responsible for tax handling inside a tax-exempt organization can file the IRS Form 8868 to request an extension time to report the business income taxes of the previous tax year. If you are responsible for reporting taxes in your tax-exempt organization, ensure the eligibility for applying for an extension and review the specific requirements related to your organization’s tax-exempt status.

When is the deadline for Form 8868?

The deadline to apply for business income tax extension Form 8868 is May 15, 2024. It is essential to either submit your tax returns for your tax-exempt organization using the original form by this deadline or apply for a Form 8868 extension to secure the extra time.

What are the consequences of missing the deadline to apply for the extension of Form 8868?

You must report your business income taxes through the original tax form and apply for an extension using Form 8868 within the deadline to avoid being subjected to IRS actions such as penalties, late fees, etc. Also, if this negligence occurs for three consecutive years, your organization will lose its tax-exempt status. So, you must file the appropriate tax reports and extension request on time to avoid the IRS actions.

Can E-file Form 8868 online?

You can electronically file Form 8868 through an IRS-approved modernized e-file service provider. E-filing is the quickest and most secure method for submitting Form 8868, providing an immediate confirmation of the extension request.

ExtensionTax.com is an IRS-approved extension tax online e-filing service provider. The entire process is simple and quick through our user-friendly platform. The IRS will not send any notification for approval. They will notify you only if they reject your Form 8868. If you e-file Form 8868 on ExtensionTax.com, you will be notified through email once the IRS approves your application. You can enjoy the extension period peacefully, knowing that the IRS has approved your extension request. Be sure to file for an extension before the last minute. Take advantage of this extension to give yourself the time to complete your tax returns accurately. ExtensionTax.com offers the most pocket-friendly Form 8868 E-filing services; you can e-file Form 8868 for just $14.99 per application. For more information, contact our customer support executives at +1-866-245-3918 (toll-free).