Tax Exempt Organizations Filing Deadline: May 15th

Tax Exempt Organizations Filing Deadline: May 15th

By Dave Horwedel, EA, the founder of Torchlight Tax.

Tax-exempt organizations have certain returns they have to file in order to maintain their Tax-Exempt status. Those operating on a calendar-year basis must file a return by May 15, 2023.

If you need help in meeting this deadline, call us at 877-758-7797 or email us at info@torchlighttax.com. You can also fill out a free consultation form with this article. If you cannot complete your tax filing by May 15, and you want us to file your return for you, contact Torchlight Tax and we will file an extension for you.

Also, if you are a Tax-Exempt organization and had employees in 2020 and/or 2021 you may be eligible for the Employee Retention Credit (ERC) of up to $26, 000 per employee. Many non-profits who are eligible for the ERC have not applied because of incorrect advice that they did not qualify. Some non-profits have applied for the ERC incorrectly and set themselves up for an IRS audit.

Contact Torchlight Tax at 877-758-7797to find out if you qualify for the ERC or not. You can also visit our blog or the Torchlight Tax YouTube Channel.

Below is the article direct from the IRS website giving details of the different tax-exempt organization filing requirements.

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IRS reminds tax-exempt organizations of annual May filing deadline

“R-2023-90, April 20, 2023

WASHINGTON — The Internal Revenue Service today reminded thousands of tax-exempt organizations of their May 15, 2023,  filing deadline.

The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an organization’s accounting period. Those operating on a calendar-year (CY) basis must file a return by May 15, 2023. Returns due include:

  • Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF)
  • 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 (other than certain trusts)
  • Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code

Mandatory electronic filing

Electronic filing provides fast acknowledgement that the IRS has received the return and reduces processing time, making compliance with reporting requirements easier. Note:

  • Organizations filing a Form 990, 990-EZ, 990-PF or 990-T for CY2022 must file their returns electronically.
  • Private foundations filing a Form 4720 for CY 2022 must file the form electronically.
  • Charities and other tax-exempt organizations can file these forms electronically through an IRS Authorized e-File Provider.
  • Organizations eligible to submit Form 990-N must do so electronically and can submit it through Form 990-N (e-Postcard) on IRS.gov.

Common errors

The IRS also reminds organizations to submit complete and accurate returns. If an organization’s return is incomplete or the wrong return for the organization, the return will be rejected. Common errors include missing or incomplete schedules.

Extension of time to file

Tax-exempt organizations that need additional time to file beyond the May 15 deadline can request a six-month automatic extension by filing Form 8868, Application for Extension of Time to File an Exempt Organization Return. In situations where tax is due, extending the time for filing a return does not extend the time for paying tax. The IRS encourages organizations requesting an extension to electronically file Form 8868.

Pre-recorded workshops

To help exempt organizations comply with their filing requirements, IRS provides a series of pre-recorded online workshops. These workshops are designed to assist officers, board members and volunteers with the steps they need to take to maintain their tax-exempt status, including filing annual information returns.”

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Contact Torchlight Tax at 877-758-7797 or info@torchlighttax.com for a free consultation.

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