Today, May 15th, is the day that calendar year tax-exempt organizations must file their Form 990 series tax returns. This includes the 990 postcard form, Form 990-EZ, Form 990-PF, and Form 990. What do you do if you’re not ready? File an extension, of course!
The extension form is Form 8868 and can be downloaded from the IRS website. The form can be filed electronically or by mail; the mailed form goes to the Ogden, Utah IRS Service Center. If you mail the form, send it certified mail, return receipt requested…and mail it today. The instructions for Form 8868 are included with the form. Note that the automatic extension gives a tax-exempt organization three additional months to file its return (to August 15th).
You may be thinking, tax-exempt organizations and taxes? Yes. Tax-exempt organizations are required to file what is basically an information return noting the revenues, expenses, and changes to the fund balances of the organization. This form is available for public inspection. Some tax-exempt organizations owe tax. For example, private foundations can owe a tax on their investment income.
If a tax exempt organization does not file its Form 990, it can lose its tax-exempt status so this is something that tax-exempt organizations do need to take care of.