Heads Up, Non-Profits: The IRS Says Your Tax Filing Deadline is Almost Here!

Heads Up, Non-Profits: The IRS Says Your Tax Filing Deadline is Almost Here!

Did someone say “tax season”? We know it’s not the most thrilling time of the year, but hey, let’s have a little fun with it! If you’re part of a tax-exempt organization, Uncle Sam (aka the IRS) wants to remind you that your annual filing deadline is just around the corner: May 15, 2023. So, grab your calculator, your favorite pen, and let’s dive into the details!

Now, if you’re not an accountant, you might be wondering what exactly a tax-exempt organization needs to file. Well, it depends on the type of organization and its financial situation. Generally, you’ll be dealing with one of these forms:

  • Form 990-series (990, 990-EZ, 990-PF) – the tax-exempt world’s Oscars!
  • Form 990-N – the electronic e-Postcard for smaller organizations
  • Form 990-T – for the business-savvy tax-exempts
  • Form 4720 – when excise taxes come knocking

You might have noticed that we’re in a digital era (hello, smartphones!), so the IRS has embraced e-filing like a long-lost friend. Starting with the CY2022 filing, Forms 990, 990-EZ, 990-PF, 990-T, and 4720 must be filed electronically. You can do this through an IRS Authorized e-File Provider, or for the 990-N, directly on the IRS website.

Now, we all make mistakes, but it’s best to avoid them when filing with the IRS. Common errors include incomplete or missing schedules – like forgetting to attach a photo to your dating profile. Double-check your forms to make sure everything is in order!

If you’re feeling the time crunch and need more than a caffeine boost to get through your filing, don’t fret! You can request a six-month extension by filing Form 8868. But keep in mind that extending your filing time doesn’t mean you can put off paying any taxes due.

For those who prefer a guided tour of tax-exempt filing, the IRS has your back with pre-recorded online workshops. Check them out to ensure you’re maintaining your tax-exempt status like a pro.

In conclusion, tax season doesn’t have to be a drag. Remember the May 15 deadline, e-file your forms, and make sure everything is accurate and complete. After that, you can sit back, relax, and get back to doing what you do best – making the world a better place!

***Disclaimer: This communication is not intended as tax advice, and no tax accountant -client relationship results**

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