Uh oh! It’s that time again. Time to file your Return of Organization exempt From Income Tax Form 990, because the deadline is only a few days away on May 15th! If this deadline snuck up on you and caught you by surprise, don’t worry. Keep calm and carry on to ExpressExtension to e-file IRS Extension Form 8868.
Avoid IRS Penalties With An Extension
Form 990, as all IRS Forms, are taken pretty seriously by the IRS. However, Form 990 is used to make sure that your exempt organization isn’t abusing it’s tax-exempt status and makes your organization’s financial records available to the public, so it’s taken very seriously!
If you aren’t sure if your organization is tax-exempt remember that most tax-exempt organizations are classified as ones that serve the public like charities, religious groups, educational groups, and other nonprofit organizations. Also, remember that you have to apply to IRS for your tax-exempt status under code 501(3)(c).
If you fail to file by the deadline prepare to face some major penalties. If your organization has less than $1,000,000 in gross receipts for the tax year you’ll be fined $20 per day that your return is late. The maximum penalty you’ll face is $10,000 or 5% of your gross receipts, depending on which amount is smaller. If your organization has over $1,000,000 in gross receipts then you’ll be fined $100 per today with a maximum penalty of $50,000.
Those aren’t minor fees! You don’t want to miss the 990 deadline which is due on the 15th day of the 5th month of your organization’s tax year, which is May 15th for most organizations. Since that deadline is a few days away you may not be ready to file, and that’s fine. Simply use IRS Extension Form 8868 to get more time to file.
Exempt Organization Form 8868 is the Form used by nonprofits charities, and other tax-exempt groups to apply for an automatic 6-month extension. Imagine what you could do with 6 extra months to gather your information.
Because this form is automatic all you have to do is complete it by the May 15th deadline in order to get your extension. You don’t have to provide the IRS with a valid reason for needing an extension or include an e-signature.
But keep in mind that Form 8868 can’t be used to extend the due date of Form 990-N (e-postcard) and IRS Form 8870 can’t be e-filed with either part I or part II, but we can generate a form for you to print, complete, and mail.
The entire process is actually incredibly quick and easy. To get started create your free ExpressExtension account and click ‘Create Exempt Org Tax Extension’ and follow the step-by-step guide to quickly complete your form.
You’ll enter the basic information about your business such as the name, address, and EIN/Tax-ID. Then you’ll enter in your tax year and which 990 you typically file.
Then we will present you with a summary of your information so you can make sure everything was entered incorrectly and we will perform an audit check on your form to make sure all of the necessary fields were filled out or checked.
Once this process is complete and your information is free of any errors you can pay for your form and transmit it directly to the IRS. Then within minutes, you’ll be notified when your extension has been approved via email. You can also check for live status updates about your form in your dashboard.
We’re Here To Help
Got any questions? Then please don’t hesitate to contact the amazing ExpressExtension support team. We’re extension experts so you don’t have to be. Give us a call Monday – Friday from 8:30 AM to 5:30 PM at 803.514.5155. We’re also available via live chat and offer 24/7 email support at email@example.com.