Tax Tips: IRS highlights key forms, topics for tax-exempt organizations ahead of May 15 filing deadline
WASHINGTON — As the May 15 filing deadline approaches for tax-exempt organizations, the Internal Revenue Service highlights important forms and topics to ensure successful and timely filing.
The annual filing due date for certain returns filed by tax-exempt organizations is the 15th day of the 5th month after the end of an organization's accounting period. Those operating on a calendar year basis must file a return by May 15. 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.
Electronic filing
Electronic filing ensures acknowledgement that the IRS has received the return and reduces processing time, making it easy to comply with reporting requirements. Organizations should remember the following when e-filing:
• Organizations filing a Form 990, 990-EZ, 990-PF or 990-T for calendar year 2023 must file their returns electronically.
• Private foundations filing a Form 4720 for calendar year 2023 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 a Form 990-N must do so electronically and can submit it through Form 990-N (e-Postcard) on IRS.gov.
Common errors
The IRS encourages organizations to thoroughly review their forms to avoid common errors such as missing or incomplete schedules. If an organization’s return is incomplete or is the wrong return for the organization, the return will be rejected.
Extension requests
Tax-exempt organizations may request a six-month automatic extension by filing a 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.
Online workshops
The IRS provides online workshops to help tax-exempt organizations comply with filing requirements. These workshops are designed to help organizational leadership understand the benefits, limitations and expectations of exempt organizations.
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Tax Tips: Taxpayers should check their withholding now to prepare for next year
Proper tax withholding now is key to avoiding surprises when taxpayers file next year. Making any needed adjustments early means taxpayers won’t have to make a big change later in the year to catch up
The IRS Tax Withholding Estimator is a free online tool that helps workers, independent contractors and retirees determine if they have the right amount of federal income tax withheld from their paychecks. Using it can prevent taxpayers from having an unexpectedly large tax bill or a substantial refund when they file in 2026.
How the IRS Tax Withholding Estimator helps taxpayers plan ahead
Taxes are pay-as-you-go, which means taxpayers need to pay their tax as they receive their income. They do this through withholding.
For employees, “withholding” refers to the federal income tax portion of each paycheck that an employer takes out for tax purposes. It can also mean the amount from earnings self-employed people and others voluntarily set aside to pay their estimated taxes.
After using the Tax Withholding Estimator, taxpayers can determine if they need to submit an updated Form W-4, Employee’s Withholding Certificate, to their employer or adjust the amount they voluntarily set aside for tax purposes.
By adjusting tax withholding, taxpayers can:
• Prevent owing money and potential penalties at tax time.
• Adjust withholdings to increase take-home pay instead of waiting for a refund.
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