Form 990 Extension Changes

Posted on Wednesday, December 02, 2015

Nonprofit organizations are tax exempt and do not file income tax returns.  However, the IRS still wants information on a nonprofit’s programs and activities, and therefore, requires nonprofits to file informational returns. 

Form 990 is the required form that nonprofits must annually file with the IRS.  The return is due by the 15th day of the 5th month after the organization’s accounting period ends.  For example, if the organization follows a calendar year, the filing deadline is May 15th.  Currently an organization may request an automatic 3 month extension of time to file the return.  An additional 3 month extension may also be granted by the IRS for reasonable cause, extending a calendar year nonprofit’s due date to November 15th.

In July 2015, Congress passed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.  Included in this bill are changes to the filing deadlines of certain returns.  Nonprofits will still be required to file Form 990 by the 15th day of the 5th month after the organization’s accounting period ends; however, the two 3 month extensions will be replaced with one automatic 6 month extension. 

The new extension will go into effect for taxable years beginning after December 31, 2015 so nonprofits will still need to submit two 3 month extensions for the calendar year ending December 31, 2015.  

Posted by: Carrie Minnich, CPA

Posted in Mission Minded Nonprofits

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