In Notice 2020-23 issued on April 9th, the IRS has extended more tax deadlines, including for nonprofit organizations. This broad relief includes a variety of tax filings and payment obligations that are due between April 1, 2020 and July 15, 2020, and the relief is automatic, so taxpayers do not have to file extensions or submit other documentation to the IRS to obtain relief.
Taxpayers who need additional time beyond July 15, 2020, have until July 15th to request an extension, but the extension date may not go beyond the original extension date (November 15th for calendar year Form 990 series filers).
The relief also applies to time-sensitive acts listed in Regs. Secs. 301.7508A-1(c)(1)(iv) through (vi) and Rev. Proc. 2018-58.
Some common filings and payment obligations of nonprofit organizations that are included in the list of filings granted relief by this (or previous) notices include:
- Estimated tax payments due April 15th, May 15th, or June 15th
- Form 990, Return of Organization Exempt from Income Tax
- Form 990-T, Exempt Organization Business Income Tax Return
- Form 990-PF, Return of Private Foundation
- Form 5500, Annual Return/Report of Employee Benefit Plan
Please contact your tax advisor with any specific questions regarding the timing of your return and the payment of any related taxes. You can visit ML&R’s dedicated COVID-19 page for additional information and resources for any important updates on this or other COVID-19 related legislation as it arises.