Serving the nation is noble job; the nobility is showcased through paying taxes. Every individual staying in America is suppose to file their taxes by the due date. And if they are not ready with their paper work, IRS provides them with extension of time to prepare their documents. However, we always assume that government and exempt organizations are free from taxes as they belong to the Government and they really have nothing to do with taxes.
Well, today we would be throwing light on this misconception. Though there are exempt organizations dealing on non-profitable side like charity homes and blood banks, they’re required to file taxes through the following form.
|Form 990||Form 990-BL|
|Form 990-T (sec. 401(a) or 408(a) trust)||Form 990-T (trust other than above)|
|Form 1041-A||Form 4720|
|Form 5227||Form 6069|
However, like every other tax, these exempt organizations are also applicable for extending their time to file their return to the IRS. Form 8868 is the application for Extension of Time to File an Exempt Organization Return, avails you with 3 months of extra time (6 months for a corporation required to file Form 990-T). This is not the end; you can apply for another 3 months of extension if your previous extension was no enough to get your papers ready. However, do note, you cannot apply for both the extensions together i.e. automatic 3-month extension and the additional (not automatic) 3-month extension at the same time.
You are required to file form 8868 by the due date of the return for, which you are filing an extension and if you are requesting for an additional 3- months extension, file form 8868 by the extended due date of the return. It is always a better option to file and pay your dues before time as if the extension gets rejected, you have sufficient time to make the amends and re apply to the IRS. Automatic 3 months extension (6 months for a corporation required to file form 990-T) will be accepted if the form is filed and the dues are paid on the line 3c by the due date of the form you are applying an extension.
Now about the form, it is divided into two parts, I & II, where part I is applicable for the filers who are applying for automatic 3-months extension of time to file an organization’s return and submit the original form to IRS. And Part II is used to apply additional (not automatic) 3 months extension. Also, keep in mind that original documents are required for both the parts, no copies would be accepted.
However, the trustee of the trust required to file form 1041-A / Form 5227 must make use of form 8868 to request an extension of time for those return. These instructions are applied to such trusts unless the context clearly requires otherwise.
Now that we have covered almost everything, when to file, for which forms and other requirements, there is something still to cover. We will tell you, keep reading.
Methods Of Filing:
There are two methods to file, paper file and efile. You have to decide which of the method you are comfortable with. However, IRS recommends filers to file and pay their dues online as it does not consume much of your time and energy. Also, you can skip the trip to IRS office and the error filled form, which eventually gets rejected.
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With ExtensionTax.com, you really don’t have much of task as everything like paper filing. As everything is converted online, from calculations to error check is done almost immediately. All you need to do is update the information required as per the request of our application and sit back and relax. We would calculate your dues, check upon errors and serve you with discounts during occasions. Isn’t it interesting?
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