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2/14/2018

Extension Form 8868 Is The Key To Avoiding Massive IRS Penalties

E-file Form 8868 with ExpressExtension

Tax season is chugging along in full swing now. The business Form 1099 and W-2 deadline has passed, and people are getting around to filing their personal income tax returns. Amidst all this deadline chaos don’t forget about your tax-exempt organization.

Depending on your organization’s tax year Form 990 is due tomorrow, on February 15th. Rushing to make this deadline could definitely ruin your Valentine’s day, but luckily we know how you can get more time to file. Simply use extension Form 8868.

Exempt Organization Form 8868


Is Your Form 990 Due This Month?

Your Form 990 may be due this month depending on your tax year because the deadline is 5 months and 15 days after your tax year ends. For example, if you operate on a calendar tax year, meaning your tax year ends in December, then your deadline is on May 15th.

However, if you operate on a fiscal tax year, that ends in any month besides December then your deadline may vary. For example, if your tax year ended in September then your deadline is February 15th.

I Need More Time!

If you need more time to file, ExpressExtension has your back. You can use our quick and easy e-filing guide to instantly file Form 8886, the Exempt Organization Tax Extension Form! It’s no hassle at all, simply follow our step-by-step instructions to transmit this form directly to the IRS.

Simply by filing extension Form 8868 by your original Form 990 deadline, you will receive an automatic 6-month extension of time to file. Wow, just think about all the free time you’ll have an extra 6 months. 

In order to complete Form 8868, all you need is your organization’s name, address, EIN/Tax-ID, tax year period, and what type of 990 Form you usually file. As long as this information matches what the IRS has on file, you’re good to go!

If You’re Ready To File

If you don’t need more time, then go ahead and knock out your Form 990 with the help of our sister product, TaxBandits. All you have to do is create your free account then follow the simple interview style guide to complete your form online in a matter of minutes.

Their innovative program explains exactly what information is required to complete your form where you need to enter it so you can get your form sent directly to the IRS. This way you won’t have to worry about any more deadlines and will successfully avoid Form 990 penalties.

Form 990 Penalties 

If you fail to file Form 900 or Form 8868 by the deadline you will face major penalties depending on the size of your organization.

If your gross receipts are less than $1,000,000 for the tax year you will be fined $20 per day with a maximum penalty of $10,000 or 5% of your organization's gross receipts depending on which is amount is greater.

If your gross receipts exceed $1,000,000 the penalty increases to $100 per day with a maximum fee of $50,000.

But you can easily avoid these penalties by filing Form 990 by the deadline or by filing Form 8868 for an automatic extension. Simply contact the dedicated, US-based live ExpressExtension support team if you need any assistance.
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2/07/2018

Need More Time to File ACA Forms? We Can Help


Just when you thought tax season was over, boom, another deadline pops up on the horizon. Congratulations on making the W-2 and 1099 deadline! Now it’s time to meet the ACA deadline for your business.

February can be quite a busy time for businesses, so if you aren’t exactly ready to prepare another huge return, don’t panic. We have the solutions set in place for you to quickly prepare your ACA forms by the March 2nd deadline, or you can even get an extension if you need more time.

Need More Time to File ACA Forms? We Can Help


Now you sort of already have an extension because the original ACA form distribution deadline was January 31, but the IRS extended the due date to March 2nd, giving you 30 extra days to provide Form 1095-B or 1095-C to your covered individuals.

March 2nd is only the deadline for distributing copies of these tax forms to your covered individuals. You have until February 28th to paper file these forms and until April 2nd to e-file them.

Due to these extensions, your covered individuals may not receive Form 1095-B or Form 1095-C by the time they’re ready to file their personal income tax returns, but that’s fine. These forms may help them file but aren’t required. Information about their healthcare coverage can be found on other documents.

Form 1095-B is used to by insurance providers, including insurance companies, self-insured employers, employers with less than 50 full-time employees, and other agencies that provide health care coverage to report individuals offered the minimum essential coverage and information regarding that coverage to the IRS.

Form 1095-C an annual statement used by ALESs (Applicable Large Employers) to report the health insurance coverage offered to their full-time time employees under the Affordable Care Act (ACA).

To Prepare Your Forms By The Deadline

In order to prepare your forms to be distributed b the March 2nd deadline head to ACAwise.com. ACAwise is the complete ACA reporting solution to help you quickly and easily handle all of your ACA needs online.

ACAwise will track your employee data all year to make sure you remain compliant with the ACA rules and regulations set forth by the IRS. Then your ACA form will automatically be generated at the end of the year for instantly filing, then you can transmit it directly to the IRS.

Simply enter your basic business and employee information, then ACA wise will handle the rest. They’ll even automatically generate the required ACA indicator codes for Form 1095-C.

Then you can take advantage of their postal mailing feature to have their team print and mail hard copies of your forms to each of your recipients from their South Carolina based office.

If You Need More Time


If you know you need more time to file then get with ExpressExtension to file Form 8809, the request for more time to file information returns. Simply create your free account and follow our step-by-step guide to quickly and easily complete your form.

All you have to do is fill it out Form 8809 and transmit it directly to the IRS by the ACA deadline, then you will automatically receive 30 extra days to file your ACA forms! 

If you need any assistance please don’t hesitate to contact the live, US-based ExpressExtension support team.
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1/10/2018

Upcoming IRS Tax Deadline for Employers



As we embark upon the new year, employers have a major business tax deadline at the end of January. 

The January 31 tax deadline includes the filing of some very familiar tax forms including Form W-2 and Form 1099-MISC. 
It is extremely important that these forms be filed to avoid the heavy and expensive burden of IRS penalties. 

Trust me, that’s not the way you want to start off your year! 


January 31 Deadline


Employers are responsible for filing the following forms with the IRS, based on the structure of their business:


Form W-2


Form W-2 is the annual statement filed with the Social Security Administration (SSA) to report salary and other compensations offered during the tax year along with the social security, Medicare, and income tax withheld federally and by the state. 

You must file Form W-2 by the January 31 deadline. This is also the deadline to issue your employees their Form W-2 copies, which they will use to file their personal income tax returns. Also Form W-3, the W-2 transmittal form must be filed with your W-2 Form.


Form 1099-MISC


Form 1099-MISC is used to report payments for services performed for your business by people not treated as your employees. Examples of this, include independent contractors, photographers, graphic artists, and more. 

These workers are not considered to be traditional employees, who receive W-2 forms. If you pay an independent contractor $600 or more for their services during the tax year then you are responsible for filing Form 1099-MISC for them. This form must be filed by January 31 as well.


Form 941


Form 941, the Employer’s Quarterly Tax Return, must be filed on a quarterly basis and the 4th quarter deadline is January 31. As an employer, you’re responsible for withholding federal income tax and social security tax. 

Form 941 is used to make sure that you’re doing that. You will also use Form 941 to pay the amount of social security tax you owe to the IRS. If you own and operate a business with employees you are required by law to complete this return four times a year. 


Get More Time to File with ExpressExtension

ExpressExtension is pleased to offer employers the opportunity to receive an extra 30 days to file their 1099s and ACA forms with the IRS with Extension Form 8809

Form 8809 must be completed by the original due date (January 31) of the Form in which you are requesting the extension. 


NOTE: No automatic extension is offered for filing Form W-2. 


All-In-One Filing with TaxBandits


You can now e-file your extension form and business related forms all in the same place with our sister product, TaxBandits

TaxBandits offers the most simplified and streamlined, interview-style e-filing process while helping you achieve greatness by providing you with the necessary IRS forms that you need, right at your fingertips. 

Let Us Help You File


Whether you decide to file with ExpressExtension or TaxBandits, be sure to submit your appropriate tax form while you still have time. 

If you have any questions, feel free to contact our support team of e-file experts at 704.839.2321 for any questions or help with your e-filing experience. We’re available Monday through Friday from 9 a.m. to 6 p.m. EST. You can also reach us 24/7 via email with support@ExpressTaxExempt.com.

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12/25/2017

Happy Holidays From ExpressExtension!

This holiday season, the ExpressExtension team wishes to express our sincere gratitude and appreciation to you for entrusting us with your tax filing needs. 

Wishing you a year full of happiness, joy, and success!


Our office will be closed on Monday, December 25 for Christmas and will re-open on Tuesday, December 26. Limited email support will still be available.


Happy Holidays!

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12/12/2017

Exciting News! The Ultimate Tax Filing Solution Has Officially Launched


Tax filing overall just got a lot more simple!

Our parent company SPAN Enterprises officially launched its latest product, TaxBandits today. 
TaxBandits is the ultimate e-filing solution for small businesses, nonprofit organizations, and tax professionals.

Offering the most simplified and streamlined, interview-style e-filing process, TaxBandits helps you achieve greatness by providing you with the necessary IRS forms that you need, right at your fingertips.

You can now e-file your extension forms and your personal tax forms all in the same place!

The following tax forms can be filed under one account to accommodate the needs of all of our clients:

Form 990 Series: Form 990-N, Form 990-EZ, Form 990, Form 990-PF, Form 1120-POL, and Form 8868.

Form 94x Series: Form 941, Form 941-PR, Form 941-SS, and Form 941 Schedule

Form 1099 Series: Form 1099-MISC, Form 1099-INT, Form 1099-DIV, Form 1099-R, Form 1099-S, Form 1099-B, Form 8809, and Form 1099-Correction

W-2 Forms: Form W-2 and Form W-2c

ACA Forms: Form 1095-B, 1095-C, 1094-B, and 1094-C

Extensions: Form 8809 and Form 8868

The TaxBandits Experience

TaxBandits believes that while taxes can be complicated, solid research paired with great customer service, along with accurate and efficient software, your tax filing experience will be much easier.

Our U.S.-based customer support team assures that we will answer your call faster than the IRS. TaxBandits constantly strives to lead its clients as a compassionate resource, guiding you through complicated tax matters and making the e-filing experience as accurate and efficient as possible.

TaxBandits For You! Quick & Easy Online Tax Preparation

Find out more about TaxBandits here:

Contact Us

Feel free to contact us with any questions that you may have. Phone support for TaxBandits is available Monday through Friday, 9:00 a.m. to 6:00 p.m. EST at (704) 684-4751. Reach us 24/7 via email support at support@TaxBandits.com or by Live Chat and we will give a speedy response.
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11/15/2017

The November 15 Deadline is Here! What's Next?


The November 15 filing deadline for tax exempt organizations is here!! 

If you’re not aware of today’s deadline and what is due, let’s do a quick recap to bring you up to speed.

Form 990 Series

Tax exempt organizations are required to file one of the following tax returns annually: 

Form 990 is filed by organizations with gross receipts more than or equal to $200,000 or total assets equal to or greater than $500,000.

Form 990-EZ is the Short Form Return of Organization Exempt From Income Tax and is filed by organizations with gross receipts less than $200,000 and $500,000 in total assets.

Form 990-N is for organizations with gross receipts that are less than or equal to $50,000. This form can only be filed electronically.

Form 990-PF is filed by Exempt & Taxable Private Foundations as well as Non-Exempt Charitable Trusts which the IRS treat as private foundations.

Click here to find out what information you’ll need to have in order to file these forms.

Does My Organization Need to File?

All organizations are not required to file on today’s deadline. In order for the November 15 deadline to apply to your organization, you must have filed Part I of extension Form 8868 back in May, and then, filed Part II before the end of your extended deadline in August. This can only be applicable if your organization operates on a Calendar Tax Year.

The standard Form 990 deadline is the 15th day of the 5th month after your tax year ends. That means for organizations with a calendar tax year that ends in December the 990 deadline is on May 15th.

However, if you have a fiscal tax year, meaning your tax year consists of 12 consecutive months and ends any month besides December, your deadline is in a different month. 

There are two types of organizations that must file today:
  1. Organizations with a tax year that ended on June 30.
  2. Organizations whose original filing deadline was May 15 but filed an automatic extension (Form 8868). 
If your organization ended its accounting period (tax year) on June 30, you have the option to file your return today or apply for extension to file with Form 8868. 

If your organization was required to file on May 15 and was granted a 6-month extension to file, you must file today since there is not another extension that can be filed. 


The Easiest Way to File

If you're just now finding out that you need to file, our sister product ExpressTaxExempt is the best option to use. ExpressTaxExempt eliminates the worry about missing your Form 990 filing deadline! With its simple, interview style e-filing process, you can complete your form and instantly transmit it directly to the IRS.

They offer easy e-filing for Form 990 Series returns (Form 990, Form 990-N (e-Postcard), Form 990-EZ, and Form 990-PF) so you can quickly file the correct 990 Form for your organization. For more information on e-filing pricing, click here.

Follow the simple step-by-step guide to create your free account, enter basic information about your organization, complete the form interview, review your information and audit report, pay for your form, and transmit it directly to the IRS. The entire process is completed in 5 simple steps!

Let Us Help You File

Although time is winding up, you still have enough time to file your Form 990 with ExpressTaxExempt. If you have any questions, feel free to contact our support team of e-file experts at 704.839.2321 for any questions or help with your e-filing experience. We’re available Monday through Friday from 9 a.m. to 6 p.m. EST, and even offer extended customer support hours tonight for the November 15 deadline. You can also reach us 24/7 via email with support@ExpressTaxExempt.com.
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11/14/2017

Automatic Extension Deadline is Tomorrow | File Now!


Organizations who filed an extension for the May 15, 2017 tax filing deadline must submit their appropriate 990 return by tomorrow, November 15

In order to have this deadline, you must have filed Part I of extension Form 8868 back in May, and then, filed Part II before the end of your extended deadline in August. This is only applicable if your organization operates on a Calendar Tax Year. 

Organizations with a Fiscal Tax Year have a second extended deadline six months beyond the 15th day of the 5th month after your tax period ends (only if you filed Part I & Part II). 

What Exactly Do I Need To File?

Form 990 is the Return of Organization Exempt From Income Tax form which many tax exempt organizations such as religious groups, educational groups, charities, and other nonprofit groups are required to file each year to provide the public with financial information about their organization. 

Forms included in the Form 990 Series are Form 990, 990-EZ, 990-PF, and 990-N. These forms should be filed each year by a leader within your organization.

Failure to File Penalties

Failing to file by the November 15 deadline will lead to very expensive penalties, depending on the amount of gross receipts for your organization. If your organization collects $1,000,000 a year and you’re late with filing, the IRS will charge a penalty of $20 each day your form is late. The maximum penalty would be $10,000 or 5% of your gross receipts, whichever is the smaller amount. The penalty charge shoots up to $100 per day with a maximum of $50,000 for organizations that exceed $1,000,000 in gross receipts. 

Filing Your Return In Time

Although the clock is ticking, you still have time to file by tomorrow’s deadline. The most simple and safest way to file your taxes online is through ExpressTaxExempt, the #1 IRS authorized e-file provider. 

The ExpressTaxExempt interview-style process allows you to complete your 990 form and instantly transmit it directly to the IRS. Simply follow the step-by-step guide to create your free account, enter basic information about your organization, complete the form interview, review your information and audit report, pay for your form and transmit. 

Benefits of Filing with ExpressTaxExempt 

Our recently reduced pricing for filing Form 990 Series returns is paired with several exclusive features such as bulk upload for large amounts of information, mobile filing for iOS and Android devices, error-checks which make sure you don't leave any necessary fields blank, and live phone, chat and email support for any questions you may have.

Furthermore, ExpressTaxExempt takes the security of its users very seriously and ensures that all information entered is stored with our intensive, up-to-date web securities which are guaranteed to safeguard your private information. 

We're Always Here To Help

If you have any questions regarding the e-filing process give the dedicated ExpressExtension support team a call. We’re available Monday - Friday from 8:30 AM to 5:30 PM EST at 803.514.5155. We also are available via live chat and offer 24/7 email support at support@expressextension.com. We will be more than happy to answer any questions that you may have.
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10/03/2017

Your Filing Extension is Almost Up! Don't Miss The Upcoming Deadline


The Fall season is officially here! If you’re like me, you may have taken some time to enjoy the cool, Fall breeze within the last few days. While enjoying the change in the weather, don’t forget about those extended tax deadlines that you may have.

Taxpayers who filed a Form 4868 (Personal Tax Extension) in April and tax exempt organizations who filed Form 8868 (Exempt Organization Tax Extension) have their extended filing deadline due soon.

Personal Tax Extended Deadline -- October 15

If you filed Form 4868 back in April of this year, then your deadline to file is October 15. Due to October 15 being on a Sunday this year, you will have an extra 24 hours to file and can submit no later than Monday, October 16.

Although you still have 13 days to file, the sooner you file the better. This will also ensure that you will avoid any late filing penalties. So be sure to mark this date on your calendar or even set a reminder/alarm in your phone so you don’t forget.

Late Filing Penalty (Form 4868):

If you do fail to file your return on time or after the extended due date, you are usually charged a penalty fee of 5% of the amount due for each month or part of the month your form is late. The maximum penalty is 25% of the amount due, however, if you are 60 days late, the minimum penalty is $135, or the balance of your tax due, whichever one is the least amount.

Exempt Organization Tax Extended Deadline -- November 15

Filers who filed Part II of Form 8868 back in August have an upcoming deadline of November 15. In order to have this deadline, you must have filed Part I of the extension back in May, and then, filed Part II before the end of your extended deadline in August. This is only applicable if your organization operates on a Calendar Tax Year.

Organizations with a Fiscal Tax Year have a second extended deadline six months beyond the 15th day of the 5th month after your tax period ends (only if you filed Part I & Part II).

Late Filing Penalty

Penalties for filing exempt returns past its deadline depends on the gross receipt amount of your organization. If your organization collects $1,000,000 a year and you’re late with filing, the IRS will charge a penalty of $20 each day your form is late. The maximum penalty would be $10,000 or 5% of your gross receipts, whichever is the smaller amount. The penalty charge shoots up to $100 per day with a maximum of $50,000 for organizations that exceed $1,000,000 in gross receipts.


Upcoming Tax Filing Season

For whatever reason you need to file a tax extension, you can quickly and easily e-file with ExpressExtension. We offer extension forms for business tax, personal tax, and exempt organization tax. E-file on-the-go with our iOS/Android app for personal tax extensions, or our mobile site for exempt organization extensions.

For any questions or assistance with e-filing an extension, contact our expert professionals by phone at (803) 514-5155 (Monday - Friday, 9 a.m. - 6 p.m. EST), email at support@expressextension.com, or live chat at www.expressextension.com.
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9/28/2017

Upcoming Quarterly Tax Deadline for Employers


Do you or someone you know own and operate a business with employees?
If so, as an employer, it is required that you file Form 941 with the IRS quarterly.

Employers are responsible for withholding federal income tax, social security tax, and Medicare tax from each of their employee’s salary. Form 941, also known as the Employer’s Quarterly Tax Return, is used to report these employment taxes quarterly and assists with calculating the employer’s portion of Social Security and Medicare tax.

Quarterly Filing Deadlines:

Form 941 has a total of four filing deadlines each year. These deadlines are split into first, second, third, and fourth quarters with the following due dates:



Form 941 Quarterly Filing Deadlines

With only two days left in the month of September, the Third Quarter deadline is right around the corner. Be sure to file your Form 941 no later than October 31 with ExpressTaxFilings.

Filing Process:

Most people think that filing taxes can be a headache and an extremely time consuming process...not with our sister product, ExpressTaxFilings! You will only need two major pieces of information to get started--Employer and Employment Details.


Employer details include the employer’s name, EIN, and address; while employment details include the following:
  • Employee Count
  • Medicare Tax & Social Security
  • Deposit Made to the IRS
  • Tax Liability (Monthly/Semiweekly)
  • Signing Authority Information
  • Online Signature PIN or Form 8453-EMP

Once that is entered all you will need to do is review the completed form, pay a small, affordable price per form, and transmit directly to the IRS. And just like that, you’ve avoided IRS penalties and compliance issues.

Well, since we said the word ‘penalties’ let’s just go ahead and discuss it briefly so you know what you’re avoiding when filing with us.

Form 941 IRS Penalties:

Failure to file by the Form 941 deadline will result in a 5% penalty on the tax return for each month that the return is late. Although this penalty caps at 25%, the IRS will penalize you heavily for late payment or not paying the full amount owed. Your business will be charged 2-15% of the unpaid tax determined by the number of days it remains unpaid.

NOTE: Late deposit penalty amounts are determined using calendar days, starting from the due date of the liability.

Next Steps:

Out of the many components to running your business, one of the most important is staying in compliance with the IRS. ExpressTaxFilings, sister product to ExpressExtension, is an industry leader for online tax preparation and tax filings which offers accurate and efficient e-filing at prices that can’t be beaten! Visit their website today to find out more information about Form 941 and the other services that ExpressTaxFilings offer.

If you're in need of assistance filing your taxes, feel free to contact our live professionals at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also e-mail us at support@expressextensions.com or chat with us at www.expressextension.com for any further assistance e-filing your extension forms.

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9/20/2017

Monitoring Your Tax Deductions


Tax extensions can be more than just a last minute option. Like many, you probably know that if something were to unexpectedly happen before your tax deadline, you can e-file an extension for up to six months of extra time. You may also know that if you complete your tax form before the extended date, you can file as soon as you like. But how about using your tax extension strategically? With all that extra time, another way to use it could be to discover new deductions you qualify for.

As stated by the IRS, miscellaneous deductions can cut through your taxes. These deductions can be a number of things like the expenses you pay for within your line of work. To claim these costs, you have to itemize your deductions; this is a bit different from claiming standard deductions. And it’s possible to pay less taxes if you itemize.

Here are some tax tips from the IRS about deductions that can help reduce your taxes:

Deductions With Limits
Most miscellaneous costs can only be deducted if the sum is greater than two percent of your adjusted gross income (AGI). These expenses can include
  • Job search expenses
  • Dues paid towards a Union
  • Certain work clothes or uniforms
  • Travel and transportation for work
  • Job expenses that aren’t reimbursed
  • Costs paid to prepare a tax return, which can either be fees for tax preparation software or fees for e-filing 
Deductions Without Limits
There are some costs that don’t have to be more than two percent of your AGI in order to deduct.
  • Losses from fraudulent investments such as a Ponzi-type scheme.
  • Losses from gambling - only up to the amount you’ve won from gambling.
  • Losses in theft or an assured casualty. Typically, this applies to stolen or damaged property you were holding for investment like stocks, bonds, or works of art.
And then there expenses that you simply can’t deduct like personal living or family costs. The miscellaneous deductions that you can claim are usually reported on your Schedule A, Itemized Deductions. For more information about tax deductions, be sure to check out the following blogs:



Finding more deductions you qualify for only puts more money in your pocket from your tax return. So why not allow yourself more time to locate these deductions by e-filing a tax extension with ExpressExtension? We support Form 4868, personal tax extension, and offer the utmost level of quality service for the best value-based pricing within the industry. You won’t find amazing service coupled with quality support anywhere else.

ExpressExtension provides excellent customer service to all of ou. Feel free to contact our live professionals at (803) 514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also either e-mail us at support@expressextensions.com or chat with us at www.expressextensions.com for any further assistance e-filing your extension forms.

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