Exempt Organizations Extension Changes To A Single Request

Higher Education|Not-for-Profit

By Sarah Piot

As a result of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, this January, the IRS released an updated version of Form 8868, Application for Extension of Time to File an Exempt Organization Return.   Effective for taxable years beginning after December 31, 2015, exempt organizations requesting an extension of time to file their Form 990 series returns are now only required to submit a single Form 8868.   This request will now be filed to request a six-month extension of time to file.     

Prior to the release of the new form, and for taxable years beginning before January 1, 2016, tax-exempt organizations were required to file two separate extensions.  Each extension filed extended the due date for a three-month period of time.   Having multiple filings was a burden on tax-exempt organizations and often resulted in missed extension requests and late filing payment penalties.  

The new form is a welcomed simplification to the extension process for tax-exempt organizations.   Again, this is a reminder that the new Form 8868 provides a single- extension request only available for tax-exempt organizations whose taxable years begin after December 31, 2015.

For more information on Form 8868, contact us

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2019 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.