Hello taxpayers! This message is important for owners and concerned tax authorities of tax-exempt organizations in the US. The federal government has granted tax-free status to specific institutes and organizations that carry out charitable, educational, medical, environmental, scientific research, and other welfare undertakings. If your organization comes under any of these criteria and gains tax-exempt status, you are free from paying the business income tax dues to the IRS. However, you must ensure to file your business income tax reports every year within the deadline. Reporting your taxes on time is highly essential to maintain your tax-exempt status. If you fail to report your taxes on time, you have to face the consequences that might lead to suspension of your tax-exempt status. Therefore, you must not miss this opportunity to report your taxes. You can also apply for an extension period to submit your tax reports using the IRS Form 8868 if you are awaiting any crucial documents or proofs to submit.
