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...

Legislation coming out of Washington just might reduce homeowners' burden for disaster insurance. It's a topic very much on everyone's minds since the mudslide in Oso, Washington. The loss of human life was...
Divorce is hard, and the IRS isn't going to make it any easier. The IRS generally says "no" to tax deductions that might ease the pain of divorce. In certain circumstances, however, you might be able to salvage...
IRS chief: New rule on the way for tax-exempt groupsIRS Commissioner John Koskinen told the USA Today on Monday that the agency will likely rewrite a proposed rule regulating the political activities of nonprofit groups to...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.