Tax season is in full swing now. The business Form 1099 and the W-2 deadline has passed, and people are getting around to filing their personal income tax returns. You need to know the best way to avoid massive IRS penalties is by filing IRS Tax Extension Form 8868. Amidst all this deadline chaos don’t forget about your tax-exempt organization.
You Need to Know the Best Way To Avoid Massive IRS Penalties
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.
Use Form 8868 to avoid massive penalties
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 and avoid massive IRS penalties, you need 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!
|Your organization can avoid massive tax penalties too!
If You’re Ready to Avoid Massive IRS Penalties, File Today
If you don’t need more time to avoid IRS penalties, 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.
This 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.
Avoid IRS 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.