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.
Tag 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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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
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.
The Federal Governments’ response to the ongoing COVID-19 crisis by automatically extending certain filing deadlines and payments is good news to many, though the deadline to report personal income tax has been extended from April 15th to July 15th. Taxpayers including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax, if wants more time for any reason to file federal income tax returns can use www.ExtensionTax.com to e-file extension forms to request for an automatic extension, this will give them an automatic 6 months extension from the newly extended July 15 deadline.
- Individual taxpayers can request a filing extension by filing Form 4868 and;
- Businesses who need additional time can request a filing extension by filing Form 7004.
By obtaining this extension, you can avoid any late-filing penalties as long as you do file by the extended due date. It’s important to keep in mind that filing an extension does not generally mean you are off the hook for paying taxes.
Due to the recent lockdown, we at www.ExtensionTax.com have initiated a business continuity plan to ensure that all our representatives are at your assistance. If you have any questions or need any help in completing Federal extensions feel free to call our Help Desk @ 866-245-3918 or email us at support@extensiontax.com. We’re Open and available on all Business days between 9:00 am to 6:00pm Central Time.
Follow the IRS special coronavirus page on IRS.gov to check for official updates from the IRS as they continue to monitor issues related to the COVID-19 virus.
Our thoughts are with the ones fighting on the front line and the families affected by the virus. Follow the advice of WHO and guidance issued by national and local health authorities, Stay Safe and help prevent the Spread of Coronavirus.
Form 8868, Non-Profit Organization Tax Extension: Deadline Alert!
May 15th is the deadline to file your Non-Profit Organization Income Tax Return and if you need more time to file, it’s not too late to e-file for an extension with www.Extensiontax.com . Missing your tax deadline can incur hefty penalties & Interests. Extensiontax.com is your one-stop e-filing solution for IRS tax extensions. E-filing an extension for your business tax return is quick and easy…
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