Tag Archives: Exempt Organization

Happy 4th of July! Extend Your Federal Income Tax Filing Deadline to OCTOBER 15

The ExtensionTax.com team wishes all a very Happy 4th of July! The IRS issued Notice 2020-134 on June 29, 2020, the automatically extended filing and payment deadline of July 15, 2020, will not be postponed, any taxpayers looking for further relief including those affected by COVID-19, who cannot pay in full should contact IRS for help. The IRS also encourages the affected taxpayers to pay what they can and consider a variety of payment options available for the remaining balance.  

“The IRS understands that those affected by the coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers,” said IRS Commissioner Chuck Rettig. “These easy-to-use payment options are available on IRS.gov, and most can be done automatically without reaching out to an IRS representative.”

Taxpayers unable to meet the July 15 due date can request an extension to file until October 15. However, this is not an extension of time to pay. Taxpayers must estimate their tax liability on the extension-form and pay as much as they can by July 15 to avoid possible penalties and interest.

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Exempt Organization Can File Form 8868 To Gain Extra Time To File Return

Welcome back filers; hope you are pink of health. Today’s topic for our blog is form 8868. This form is an Application for Extension of Time to File an Exempt Organization Return. If you are ready with your papers and need extra time to file your return, you can file form 8868 and request for 3 months extension of time (6 months for a corporation required to file Form 990-T). This is not the end, you can also request for additional 3 months of extension if the original 3 month was not sufficient to get your papers ready. However, do note, you cannot apply for both the extensions, i.e. automatic 3-month extension and the additional (not automatic) 3-month extension at the same time. Continue reading →

Exempt Organizations can Gain Automatic Extension via Form 8868

The IRS offers automatic 3 months extension to exempt and non-profit organizations that are not required to pay their taxes but file.  However, they can always file for an extension through form 8868 and Extensiontax.com is a leading IRS certified service provider helping many organizations file for an extension with ease. Therefore, exempt organizations wanting to file for an automatic 3 months extension (6 months for corporations filing through form 990-T) can do the same online before the time expires. Additionally, trustee of trust required to report to the IRS through form 1041-A or 5227 can use form 8868 to get automatic 3 months extension. It is important to keep in mind that exempt organizations can get additional 3 months extension but only when they are granted the first 3 months extension. Continue reading →

Time is Running Out! File Today for Exempt Organization Tax Extension

IRS Form 8868: A Brief Understanding

IRS form 8868 has been designed for exempt organizations wanting for 3 months extension for filing their tax return. Moreover, these organizations can apply for an additional (non-automatic) 3 months extension if those three months are not enough for them. However, it is not possible for organizations to file for both automatic and non-automatic extension concurrently The due date to file for an extension through form 8868 falls on May 15th, 2013.

The exempt organizations that qualify to file for form 8868 are charitable organizations, churches and religious foundations, political organizations, private foundations, contributors, etc. Exempt organizations who wish for an extension can both e-file and paper file form 8868 but, it is advisable to choose the former over the later so that the filing process can happen quickly and efficiently. Moreover, filing online saves time, reduces the chances of making errors, and much more. The following forms should be used accordingly when filling for an automatic extension through form 8868.

  • Form 990: This tax return form is for some federally nontaxable organizations . To add to your knowledge, non-profit organizations that have not received the status of tax exempt, faith-based organizations, religious schools, subsidiary organizations, etc. need not have to file for an extension through form 990.
  • Form 990 BL: This extension tax return form is for the ‘information and initial excise tax return for black lung benefit trusts and certain related persons’. Tax filers should keep in mind to file form 990 BL by the 15th day of the fifth month keeping in mind the filer’s tax year.
  • Form 990 EZ: This form is an information return filed annually by organizations exempted from income tax along with political organizations and charitable trusts. Tax filers should remember to file by the fifteenth day of the fifth month to get an extension.
  • Form 990 PF: Charitable trusts and non-exempt organizations such as private foundations need to file for an extension using form 990 PF in IRS form 8868.
  • Form 990-T: Businesses involved in charitable trusts come under the exempted organizations list. To get an automatic 3 months extension businesses should file for form 990-T in form 8868. The extension  tax return should be filed by the fifteenth day of the fifth month and before the tax year ends.
  • Form 4720: This is ‘return of certain excise taxes under chapters 41 and 42 of the Internal Revenue Code’. Usually business organizations including certain foreign organizations should file for extension through form 4720 in IRS form 8868. Businesses and individuals should file before the 15th day of the fifth month.
  •  Form 6069: This form is like a worksheet, which is filed by individuals and organizations to report the excess contribution to black lung benefit trust. Tax filers should file before May 15th to get an extension.

The aforementioned pointers provide a brief overview of form 8868 and the several forms that fall under this tax extension form. Visit ExtensionTax.com to get an automatic extension up to 3 months for filing exempt organization tax return.