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11/07/2016

Last IRS Extended Deadline for Tax-Exempt Groups Approaching Soon!

For tax-exempt organizations operating on a calendar tax year, the final IRS extended deadline is only one week away!

If you haven’t filed your IRS Form 990 or Form 990-EZ yet, you have until the end of November 15 to file without any penalties.

Not every tax-exempt group has November 15 as its last filing due date of the year - only if your organization’s tax year period is from January 1 to December 31, and you filed IRS Form 8868 Part I for the May 15 deadline and filed Form 8868 Part II for the August 15 deadline. Then, you are required to file by next week.

Automatic/Not-Automatic Extensions
If your organization runs on specific fiscal tax years, then you still have a chance of extending your deadline. For those whose tax year ends on June 30, you can file 8868 Part I for an automatic 3-month extension.

Any exempt organization with a tax year ending on March 31 can also file 8868 Part II for an additional, not-automatic 3-month extension. You should already have Part I approved by the IRS and supply a valid explanation why you need the extra time.

Important: Extension Form 8868 cannot be used to extend an IRS Form 990-N (e-Postcard) filing.

E-filing 990 Series with ExpressTaxExempt.com
Once you’re ready to e-file your 990 form, go to our sister site, ExpressTaxExempt.com, where you can complete and transmit IRS Form 990 or Form 990-EZ much easier and quicker than paper filing. You can also submit tax extensions as well so all your tax-exempt forms can stay within one account.

With ExpressTaxExempt.com cloud-based capabilities, you can start, stop, and continue the filing process as often as necessary. As long as your return is transmitted by 11:59 pm local time on November 15, you’ll be compliant with the IRS.

Late Filing Penalties
Failing to file on time can lead to some significant IRS penalty charges. There’s a daily $20 fee each day your return is late, and a $100 daily fee if gross receipts are over $1 million - maximum fees go as high as $50,000 or 5% of total revenues.

Be sure that you’re submitting a complete 990 form to the IRS - an incomplete or inaccurate form also counts as a late return yielding the same penalties. ExpressTaxExempt.com ensures that you’re sending an error-free return with its internal audit check.

Feel free to contact our U.S. - based customer support team for any questions about tax extensions for exempt organizations or about the upcoming November 15 deadline. We’re available at 803.514.5515 or reach us 24/7 with support@ExpressExtension.com.


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