Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
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WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15, including:
Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL)
Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ
Forms 8871, Political Organization Notice of Section 527 Status
Form 8872, Political Organization Report of Contributions and Expenditures
Form 990-T, Exempt Organization Business Income Tax Return
Form 1120-POL, Political Organization Filing Requirements
Form 4720, Private Foundation Excise Tax Return
Tax-exempt organizations that need additional time to file beyond the July 15 deadline can request an automatic extension by filing Form 8868, Application for Extension of Time to File an Exempt Organization Return. An organization will be allowed a six-month extension beyond the original due date. For a calendar-year 2019 return, this means the extended deadline would be Nov. 15, 2020. In situations where tax is due, extending the time for filing a return does not extend the time for paying tax.
The IRS urges all organizations to take advantage of the speed and convenience of filing their returns electronically when possible.
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Filing season reminder: An extension to file is not an extension to pay taxes
https://www.irs.gov/newsroom/filing-season-reminder-an-extension-to-file-is-not-an-extension-to-pay-taxes
https://accountinginstruction.info/
For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by May 17, or they may face a failure to file penalty. This extension gives them until October 15 to file their tax return. An extension to file is not an extension to pay. Taxes must be paid by May 17 to avoid penalties and interest on the amount owed after that date.
How to request an extension to file
To get an extension to file, the IRS urges taxpayers to do one of the following:
File Form 4868 through their tax professional, tax software or by using Free File on IRS.gov.
Submit an electronic payment with Direct Pay, Electronic Federal Tax Payment System or by debit, credit card or digital wallet and select Form 4868 or extension as the payment type.
An automatic extension of time to file will process when taxpayers pay all or part of their taxes electronically by the Monday, May 17 due date.
Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes some disaster victims, taxpayers living overseas, including members of the military, and eligible support personnel serving in combat zones.
More information:
IRS extends additional tax deadlines to May 17
What Is the Due Date of My Federal Tax Return or Am I Eligible to Request an Extension?
Tax Topic 653, IRS Notices and Bills, Penalties, and Interest Charges
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