Tag Archives: Tax Extension

IRS has issued an update on processing Exempt Organizations filing Form 990 series

IRS has sent a recent update on processing Exempt Organizations Tax return filed in Form 990 series…

Form 990 processing changes

As of January 8, the IRS is returning Form 990 series returns filed on paper – and rejecting electronically filed returns – when they are incomplete or the wrong return. IRS.gov answers the question What happens if my Form 990 is missing information or a schedule, or is the wrong return?

Form 990-EZ reminders

Tax-exempt organizations with annual gross receipts under $200,000 and assets under $500,000 (at the end of the reporting period) can use Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, to meet their annual filing requirement. This means you’ll submit less information and fewer schedules than the “full” Form 990, Return of Organization Exempt from Income Tax.

Form 990-EZ includes “assistive” features designed to make filing easier, quicker, and more accurate. These 29 “help buttons” don’t replace the instructions, but they do alert the filer to traditionally troublesome areas and have decreased the error rate for paper-filed returns.

The IRS encourages exempt organizations to file electronically, noting the error rate for electronically-filed returns was only 1% for 2017. A list of companies providing this service is on IRS.gov.

Form 990-series returns are due on the 15th day of the fifth month after an organization’s tax year ends. For organizations using the calendar year as their tax year, May 15 is the deadline to file for 2017. If you need an extension of time to file, use Form 8868, Application of Extension of Time to File an Exempt Organization Return.

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ExtensionTax.com One Stop Shop for Tax Extensions!

extensiontax.com-extension-professionalThe exact Phrase to explain how tax extensions work is Filing for a Tax extension is “May I place you on hold for a while”. Filing for an Extension is nothing but keeping the IRS informed that you will file your Tax returns after a while. You may have more than enough money to pay off your Taxes but, you may not have the required paper works ready by the Due date. Extensions are more likely to be a gift given to tax payers by the IRS and the best way to file for it is through ExtensionTax.com.

www.ExtensionTax.com is an IRS authorized E-file service provider that supports E-filing for Extensions Online. Millions of taxpayers are benefited by this user friendly, hassle free application by E-filing their Tax extensions. The online portal has been designed in such a way that complex tax jargon’s are broken into simple understandable words, which makes it easier for a common man to file for an Extension.

What all can be done through www.ExtensionTax.com ? Continue reading →

Form 7004: Extension on Business Tax Returns

ExtensionIRS Form 7004, officially known as the “Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” is a request for an automatic extension of time to file certain business tax returns. The deadline to file a Business Tax Extension is March 15th. The extension will be granted by the IRS if the business:

 

 

 

  1. Complete IRS Form 7004 properly
  2. Make a proper estimate of the tax (if applicable)
  3. File the form by the due date of the return to which the Form 7004 applies,
  4. Pay any tax that is due.

An IRS Form 7004 can be submitted to automatically extend the filing deadline for 32 different IRS returns. The IRS grants automatic extensions of six (6) months, on the return for which the extension is filed. The eligible returns and length of automatic extensions are listed below: Continue reading →

Claim Extension of Time online to file your Income Tax

Exempt Organisations across USA file their income tax returns on 990 series of forms based on the type of business they are into. It is not at all unusual for an organization to need an extension of time to file their Form 990. Sometimes the annual audit isn’t finished, sometimes the CPA is too busy, sometimes the financial records are not yet in order. Whatever the reason, the first extension request is automatically granted. But you still have to file the extension request form on or before the due date of the Form 990. If you are one day late filing the extension request, it is not valid and the IRS will charge a penalty each day the Form 990 is late.

If you have claimed extra time and still you need of some more time to complete your returns you can claim Form 8868 well with in 15th of August.

Get Extra Time!

Check out the due dates for Exempt Organisations as Corporations and Trust

You cannot ask for 6 months with the first extension. You only get 3 months per request, for a maximum of 6 months. This is the time to file your 2nd request with the IRS. Part 2 of Form 8868 is used to request an additional 3 month extension. You’ll need to give a reason.

If your organization is required to file Form 990-T because it has Unrelated Business Taxable Income, and if you need an extension of time to file Form 990-T, you must file a SEPARATE Form 8868 for the 990-T.

You only need to apply for one extension for the 990-T because the extension that pertains to the 990-T is for 6 months.

 

Must Know Information about Tax Extensions

The number of extensions filed by individuals & Businesses to the IRS has always been increasing ever since it came into existence. Only easiest way for these millions of taxpayers to file for an extension is to E-file it through Extensiontax.com.  As an Authorized E-File Provider, Extensiontax.com can securely send your tax information to the IRS instantly. Here are some commonly asked questions about Tax Extensions: Continue reading →