IRS Tax Tip 2022-69, May 4, 2022
Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022.
Here are the forms they may need to file, depending on the size and type of organization:
- Form 990, Return of Organization Exempt from Income Tax
- Form 990-EZ, Short Form Return of Organization Exempt from Income Tax
- Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation
- 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
- Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code
Mandatory electronic filing
Tax-exempt organizations must file their forms electronically. E-filing reduces processing time, making compliance with reporting requirements easier.
Here are a few things organizations should know about filing:
- Organizations can e-file most returns through an IRS Authorized e-File Provider.
- However, organizations filing Form 990-N must e-file through the Form 990-N, e-Postcard, page on IRS.gov.
- The IRS will reject incomplete or incorrect returns. Organizations should check that they’re using the right return, have fully completed it and don’t have missing schedules.
- The IRS has a series of pre-recorded online workshops for exempt organizations. For organizations filling out one of the Form 990 series, the Form 990 Overview Course may be helpful.
Extension of time to file
If an organization can’t make the May deadline, they can request a 6-month automatic extension by filing Form 8868, Application for Extension of Time to File an Exempt Organization Return. This extension to file isn’t an extension to pay any tax owed. Organizations can e-file Form 8868 for faster processing.