Filing Deadline Extended to March 30 for Some Tax-Exempt Organizations

The Internal Revenue Service (IRS) has announced that tax-exempt organizations that have January and February filing due dates have until March 30, 2012, to file their annual returns.
 
The IRS granted the extension because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will be offline January and February. The remainder of the e-file system will continue to operate normally, and the IRS urged all individuals and businesses to choose the accuracy, speed, and convenience of electronic filing.
 
In general, the extension applies to tax-exempt organizations that would have a normal filing deadline of either January 17 or February 15, 2012. Ordinarily, those deadlines would apply to organizations with a fiscal year that ended on August 31 or September 30, 2011, respectively.
 
The extension also applies to organizations that already obtained an initial three-month filing extension and now have an extended filing deadline that falls on January 17 or February 15, 2012. The majority of tax-exempt organizations will be unaffected by this extension because they operate on a calendar-year basis and have a May 15, 2012, filing deadline.
 
The extension applies to affected organizations filing forms 990, 990-EZ, 990-PF, or 1120-POL. Form 990-N filers will not be affected. No form needs to be filed to get the March 30 extension.
 
In order to avoid receiving a late-filing penalty notice, a reasonable-cause statement should be attached to the tax return. If an organization receives a late-filing penalty notice, it should contact the IRS so that penalties can be abated. The IRS encouraged these organizations to consider either e-filing early – before the end of December 2011 – or waiting until March to file electronically.
 
Further details can be found in Notice 2012-4

You may like these other stories...

Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
Some of your clients may get away to business conventions from time to time. It gives them a chance to rub shoulders with colleagues, catch up on the latest developments, and fine-tune their skills. And, when the meetings or...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.