It’s hard to believe that the November 15th 990 deadline for nonprofit organizations has come around again! This is a major annual filing deadline for nonprofit organizations that are tax-exempt under Section 501(c)(3) in the IRS code.
Organizations that apply for and obtain federal tax-exempt status are required to file a 990 series return every year. The financial size and structure of the organization are what determine which 990 return is required.
Is your organization running out of time to file an accurate 990 return, but the risk of jeopardizing its tax-exempt status and accruing potential penalties is overwhelming?
There is an easy answer! With the exception of the shortest 990, Form 990-N, you can request an extension of time to file your organization’s 990 return with the IRS. This is done by filing Form 8868.
Here’s what you need to know to file this form successfully.
Which Nonprofits Have a 990 Return Deadline Today?
Nonprofit organizations can find their tax period on their IRS Determination Letter. This is what they receive when their organization is granted federal tax exemption.
Organizations operating on a fiscal tax year beginning on July 1st and ending on June 30th have an IRS 990 Deadline on November 15th.
*Please note that if you’ve already filed an extension for a 990 deadline on May 15, 2023, your organization is not eligible for another extension. However, if you need a simple solution for e-filing your 990 return, check out our sister product, Tax 990!
What is Extension Form 8868, and How Does it Work?
Form 8868 is the Application for Automatic Extension of Time To File an Exempt Organization Return. This form is submitted by tax-exempt organizations that require additional time to finalize their information returns and submit them to the IRS.
The 8868 Extension is automatically granted, without any specific reason or justification from the requestor. Consequently, if you accurately complete this form on time and settle any outstanding balance with the IRS, your form will likely be accepted, and the IRS will approve an extended period for filing.
Remember, it is crucial that you complete this request and e-file it before midnight tonight in your time zone. Failing to file on or before the deadline for your organization’s 990 return will lead to an automatic rejection. It is also important to note that the 8868 extension doesn’t extend the deadline for paying any outstanding taxes to the IRS.
What Forms Can You File an 8868 Extension for?
The following forms can have their deadline extended by the IRS if Form 8868 is filed successfully: