May 16 Filing Deadline Applies to Some Tax-Exempt Organizations by Adam Cohen, CPA

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Posted on May 04, 2022 by Adam Cohen

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Tax-exempt organizations, such as charities, private foundations and other not-for-profits that operate on a calendar-year basis, have a May 16 deadline to file their annual informational and tax returns with the IRS. For all other exempt organizations, the filing deadline is the 15^th day of the fifth month after the end of their accounting period. While entities needing addition time to file may request a six-month automatic extension, any taxes due must be paid by the May 16 deadline.

Among the forms qualifying organizations must file electronically with the IRS to maintain their tax-exempt status are:

• Form 990, 990-EZ and 990 PF, Annual Information Returns
• Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ
• Form 990-T, Exempt Organization Business Income Tax Return (other than certain trusts)
• Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.

Failing to file a return by the required due date (including extensions), will result in penalties for each day the return is late. The same penalty applies if the organization does not provide all the information requested on the return or if it provides information that is incorrect. To ensure accuracy, organizations and their CPAs should ensure that all required schedules are completed and attached to their timely filed returns.

About the Author: Adam Cohen, CPA, is an associate director of Tax Services with Berkowitz Pollack Brant Advisors + CPAs, where he works with closely held businesses and non-profit charities, hospitals and family foundations to maintain tax efficiency while complying with federal and state regulations. He can be reached at the CPA firm’s Ft. Lauderdale, Fla., office at (954) 712-7000 or info@bpbcpa.com.

 

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