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.

The deadline to report your business income tax is approaching. Ensure to report your income taxes or apply for an extension Form 8868 before the deadline to complete your tax responsibilities without any issues.

Let’s look into essential points about Form 8868,

Form 8868 and its application: The IRS Form 8868 is utilized to request an extension time to report business income tax returns for tax-exempt organizations. Once appropriately applied within the deadline, the IRS grants the filer an automatic six-month extension to submit the business income tax reports with all supporting documents and proofs.

Eligibility to apply for Form 8868: Owners, tax preparers, or individuals responsible for tax handling inside a tax-exempt organization can file the IRS Form 8868 to request an extension time to report the business income taxes of the previous tax year. If you are responsible for reporting taxes in your tax-exempt organization, ensure the eligibility for applying for an extension and review the specific requirements related to your organization’s tax-exempt status.

Last date for Form 8868: The deadline to apply for business income tax extension Form 8868 is May 15, 2025. It is essential to either submit your tax returns for your tax-exempt organization using the original form by this deadline or apply for a Form 8868 extension to secure the extra time.

Consequences of missing the deadline: You must report your business income taxes through the original tax form and apply for an extension using Form 8868 within the deadline to avoid being subjected to IRS actions such as penalties, late fees, etc. Also, if this negligence occurs for three consecutive years, your organization will lose its tax-exempt status. So, you must file the appropriate tax reports and extension request on time to avoid the IRS actions.

Filing Form 8868: You can electronically file Form 8868 through an IRS-approved modernized e-file service provider. E-filing is the quickest and most secure method for submitting Form 8868, providing an immediate confirmation of the extension request. ExtensionTax.com is an IRS-approved extension tax online e-filing service provider. The entire process is simple and quick through our user-friendly platform. The IRS will not send any notification for approval. They will notify you only if they reject your Form 8868. If you e-file Form 8868 on ExtensionTax.com, you will be notified through email once the IRS approves your application. You can enjoy the extension period peacefully, knowing that the IRS has approved your extension request. Be sure to file for an extension before the last minute. Take advantage of this extension to give yourself the time to complete your tax returns accurately.

Utilizing Form 8868 is a crucial aspect of responsible management for all tax-exempt organizations. By either filing your business income tax returns by the rapidly approaching May 15, 2025, deadline or proactively submitting Form 8868, you safeguard your organization’s tax-exempt status and avoid potential penalties. Remember, this extension offers valuable breathing room to ensure accuracy and completeness in your filings. For a seamless and affordable e-filing experience, consider the services offered at ExtensionTax.com. Don’t wait until the last minute; take action now to fulfil your tax obligations and continue focusing on the vital mission of your organization. We offer the most pocket-friendly Form 8868 E-filing services; you can e-file Form 8868 for just $14.99 per application. For more information, contact our customer support executives at +1-866-245-3918 (toll-free).