Hello, owners and taxpayers of tax-exempt organizations! This message is for you. Tax-exempt organizations provide vital services and programs essential to our community. However, these organizations must meet tax filing deadlines to comply with the IRS regulations. Like all other business organizations, tax-exempt companies should report their taxes to the IRS on or before the set deadline for various reasons, including the retention of the tax-exempt status. They do not need to pay tax returns but report them for the previous year to complete their tax obligations.
As the tax season is busy and arrives at the beginning of the year, many organizations find it stressful to prepare tax reports with all supporting documents and submit them on time. This is where Form 8868, the Application for Extension of Time to File an Exempt Organization Return, comes in as a valuable alternative. Applying this form will give you an automatic six-month extension from the IRS to submit your tax reports.