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IRS encourages early filing for tax-exempt organizations

IRS encourages early filing for tax-exempt organizations

The Internal Revenue Service (IRS) is urging tax-exempt organizations to submit their tax returns before the May 15 deadline, particularly those operating on a calendar year (CY) basis.

This advance filing can ensure smoother processing and quicker confirmation from the IRS.

Key filing information

Forms due for tax-exempt organizations

Tax-exempt entities need to file various forms depending on their operations and status:

  • Form 990-series, including Forms 990, 990-EZ, and 990-PF for annual information returns.
  • Form 990-N, also known as the e-Postcard, for organizations not required to file Forms 990 or 990-EZ.
  • Form 990-T for organizations reporting unrelated business income.
  • Form 4720 for reporting certain excise taxes.

Benefits of electronic filing

The IRS mandates electronic filing for most of these forms, which speeds up the processing time and provides immediate confirmation of receipt:

  • Forms 990, 990-EZ, 990-PF, and 990-T must be filed electronically.

Private foundations are required to file Form 4720 electronically.

  • Tax-exempt organizations can utilize authorized IRS e-file providers or directly through the IRS website for Form 990-N submissions.

Common filing errors and how to avoid them

The IRS advises organizations to double-check their returns for common errors such as missing or incomplete schedules which can lead to rejections of the filings.

Extensions and additional resources

Organizations needing more time to prepare their returns can request a six-month extension by filing Form 8868. However, it’s important to note that this extension does not apply to tax payments due.

Educational resources

The IRS offers a range of pre-recorded online workshops to assist tax-exempt organizations with their filing requirements and to help maintain their tax-exempt status.

Ines Zemelman, EA
Founder of TFX