<\/p>\n
If you run a charity or non-profit organization, and you are classified as \u201ctax exempt\u201d under Section 501(a) of the Internal Revenue Code, you are probably familiar with IRS Form 990.<\/p>\n
This form is used by charities and non-profits to report activities to the IRS each year. Form 990 has 12 pages and 12 parts, and requires the organization to provide details about donations, management, and pay structure.<\/p>\n
You must file Form 990 for a tax-exempt organization if either of the following apply:<\/p>\n
\u2022 The organization\u2019s gross receipts are $200,000 or more for the year, or<\/p>\n
\u2022 The organization\u2019s total assets are $500,000 or more for the year<\/p>\n
Form 990 is due by the 15th day of the 5th month following the close of the tax year (May 15 for calendar year taxpayers).<\/p>\n
It is quite common for non-profit groups to be overwhelmed and understaffed, which means that getting a tax extension can really help. With extra time to file, you can make sure that your tax return is completed accurately and in compliance with the law. To get a tax extension for Form 990, use Form 8868.<\/p>\n
If you run a tax-exempt organization \u2014 whether you\u2019re a director, manager, or administrator \u2014 you may want to look at requesting a Federal tax extension. Charities and non-profit organizations can apply for a tax extension using Form 8868. There are two types of extensions that can be obtained with Form 8868:<\/p>\n
\u2022 An automatic 3-month tax extension (6 months for corporations filing Form 990-T)<\/p>\n
\u2022 An additional (not automatic) 3-month tax extension<\/p>\n
To request the automatic 3-month extension, only fill out Part I of Form 8868. As long as you properly complete and file Form 8868 by the deadline, you will be granted the automatic extension. To apply for the additional (not automatic) 3-month extension, only fill out Part II of Form 8868. Note that you cannot apply for both the automatic and additional tax extensions at the same time.<\/p>\n
As you go over Form 8868, you\u2019ll notice that the IRS requires you to provide a reason for needing the tax extension. This requirement is different than the rules for requesting a personal extension (Form 4868)<\/a> or a business extension (Form 7004)<\/a>. Also remember that you must still pay any tax balance due by the original deadline.<\/p>\n For more information about tax-exempt organizations, see\u00a0IRS Publication 557\u00a0(Tax-Exempt Status for Your Organization) and\u00a0IRS Publication 4221-NC\u00a0(Compliance Guide for Tax-Exempt Organizations). If you have any questions, feel free to contact our Support Team<\/a>.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" If you run a charity or non-profit organization, and you are classified as \u201ctax exempt\u201d under Section 501(a) of the Internal Revenue Code, you are probably familiar with IRS Form 990. Form 990: Return of Organization Exempt from Income Tax This form is used by charities and non-profits to report activities to the IRS […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","tax_resources_cat":[49],"_links":{"self":[{"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/resources\/903"}],"collection":[{"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/resources"}],"about":[{"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/types\/resources"}],"author":[{"embeddable":true,"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/comments?post=903"}],"version-history":[{"count":5,"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/resources\/903\/revisions"}],"predecessor-version":[{"id":1334,"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/resources\/903\/revisions\/1334"}],"wp:attachment":[{"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/media?parent=903"}],"wp:term":[{"taxonomy":"tax_resources_cat","embeddable":true,"href":"http:\/\/dev81.developer24x7.com\/cnp1954\/wp-json\/wp\/v2\/tax_resources_cat?post=903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}