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Two new excise taxes added by the recently enacted Tax Cuts and Jobs Act may apply to exempt organizations, for tax years beginning after December 31, 2017:
Form 4720 will be used to report both excise taxes; Schedule N for the tax on executive compensation, Schedule O for the tax on net investment income.
Note that Form 4720 is a separate return from the Form 990, but carries the same due date. A separate extension would need to be completed for Form 4720, however; use Form 8868, Application for Automatic Extension of Time to File an Exempt Organization Return, and enter code 09, Form 4720 (other than individual).
The IRS released the 2018 draft of Form 4720 on July 18. To stay current with the latest draft forms or the release of final forms, visit the IRS website.
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