IRS Extension form 8868 is used to get an automatic extension from IRS for non-profit organizations
If your nonprofit organization has a deadline of May 16 to file Form 990, they can opt for an IRS extension by making use of the IRS Extension Form 8868. This Form enables nonprofits to seek additional time for filing most tax returns, including Form 990.
Tax Filing by Nonprofits:
The tax-exempt organizations have May 16 as their tax filing deadline. Those who operate on a calendar year basis have to return certain tax returns and annual information with the IRS through tax Forms like
- 990- Series, used for filing annual information returns
- Tax-exempt organizations that are not obligated to file Form 990 or Form 990-EZ use Form 990-N.
- Tax-exempt organizations use Form 990-T to file their business income tax returns.
- Taxpayers use Form 4720 to file returns for certain excise taxes under chapters 41 and 42 of the Internal Revenue Code.
Filing Extensions: IRS Form 8868
Non- Profits filing Forms 990, 990-EZ, 990-PF, or 990-T should file electronically through IRS authorized e-filing service provider. The deadline to file these tax Forms is May 16. Nonprofits that require additional time to file beyond this deadline can request an automatic six-month extension by filing Form 8868. This tax Form is an application for an extension of time to file returns of the tax-exempt organizations.
If the tax is due from the end of nonprofits, extending the time for filing a return will not extend the time for paying the taxes. IRS encourages organizations requesting extensions to electronically file Form 8868.
Tax-Extension Form 8868:
Tax-exempt organizations use IRS Tax Form 8868 to request an automatic six-month extension of time to file returns. The trustee who is obligated to file Form 5227 or Form 1041-A can request an automatic time extension to file these returns by using Form 8868.
The due date to file Form 8868 is the same as the due date of the return, for which the nonprofit is requesting an extension. For Forms 990, 990-EZ, and 990-PF, the due date for filing Form 8868 is May 15.
How to E-file Form 8868 with Tax3efile
The step-by-step instructions to file Form 8868 are as follows.
- First step in filing this tax extension Form is to enter the details of the organization
- The next step is to choose the tax year of the organization
- Third step is to pay the taxes due to the IRS, if any.
- The taxpayers should review Form 8868 and fix any errors, if applicable.
- Transmit Form 8868 with the IRS.
Below mentioned are important requirements to file Form 8868 with the IRS:
- To ensure proper identification and record-keeping, the organization must provide essential details such as its name, employee identification number, and address.
- Tax Form for which the taxpayer is looking to apply for an extension.
- The estimated amount of taxes that the taxpayer owes, if applicable.
Tax2efile is an IRS-authorized e-filing service provider to file tax extension Form 8868. Their experts will guide you to file Form 8868 quickly in a matter of minutes.