The Form 990 Deadlines Have Been Extended, Here’s What You Need to Know!
Throughout the COVID-19 pandemic, many unexpected changes have occurred. For example, tax day for individuals and businesses has been pushed forward to July 15, 2020 from April 15, 2020.
While this is a relief for many individuals and for profit businesses, what about the nonprofit sector? As a nonprofit, your organization has surely faced as many challenges as the small businesses around you.
The IRS and the US Treasury have listened to the needs of the tax exempt sector and they have pushed additional deadlines forward to July 15, 2020. Included in those deadlines is the Form 990 Series, the set of Forms that are filed by tax exempt organizations on an annual basis.
Who Does This Extended Deadline Affect?
Depending on the accounting schedule that your organization operates on, your organization could have a 990 due date on the fifteenth day of any month in the year.
Most commonly, organizations will operate on a calendar year schedule, therefore their accounting year will end on December 31 and their Form 990 deadline with the IRS will be exactly five months and fifteen days later on May 15, 2020.
Since the Form 990 due date has been pushed forward to July 15, 2020. Organizations that are required to file between April 15, 2020 and June 15, 2020 will have additional time to file. This extended deadline applies to all of the 990 Forms within the series including:
- Form 990
- Form 990-PF
- Form 990-EZ
- Form 990-N
- Form 1120-POL
- Forms 8871 and 8872
- Form 5227
- Form 990-T
- Form 4720
- Form 8976
What If I Am Ready To File?
Just because your organization is eligible for the extended deadline, doesn’t mean that you must adhere to it. If your organization has all the financial information needed for the Form 990, there is no reason not to file on your original deadline.
When you file electronically with ExpressTaxExempt, our software will walk you easily through the process and help you generate not only your IRS Form 990, but the required Schedules as well. You will get an automatic status update from the IRS when you transmit your form, so you can spend your summer worry-free.
What If I Need Even More Time?
Need more than an extra month or two to complete your Form 990? That’s alright, just because the IRS has extended the deadline, doesn’t mean that you can’t apply for an extension for a few additional months to file. There is no IRS penalty of any kind for choosing to file at a later time, as long as you file your extension correctly.
The ExpressTaxExempt software allows you to easily file your 8868 extension form! Need help? Don’t hesitate to reach out to our support team. Times may be uncertain, but we are still here to make your tax filing process as easy as possible!
