IRS Form 8868, Application for Automatic Extension of Time To File an Exempt Organization Return- Updated Jun 15, 2020 - 8.00 AM - Admin, ExpressExtension
IRS Form 8868 is used by an exempt organization to request an automatic 6-month extension of time to file its tax return.
For any reason, if you would require more time to file 990 Forms after the actual deadline date, you can request for an extension of time on or before the deadline date.
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Table of Contents
What is IRS Form 8868?
Form 8868 is an automatic extension form used by tax-exempt organizations to request an automatic extension period of 6 months to file its return. The automatic 6-month extension will only be granted if the form is fully completed, filed, and the balance due on line 3c is paid by the due date for the return for which the extension is applied.
Who Can File Form 8868?
Form 8868, Automatic extension form can be filed by charities, nonprofit groups, and other tax-exempt organizations that need time to file their information return with the IRS. Also, the trustee of a trust who is required to file Form 1041-A or Form 5227 can use Form 8868 to request an extension of time to file their information returns.
What forms can be extended using Form 8868?
Here is the list of forms that can apply for Form 8868 Extension Form:
When To File Form 8868?
Form 8868 must be filed by the due date of the return for which the exempt organization requests an extension. For example, an organization filing Form 990 must file for an extension by the 15th day of the 5th month after the organization's fiscal tax year ends. If the organization follows the calendar tax year, the deadline for filing Form 8868 is July 15, 2020.
How to fill out a tax extension form 8868?
Form 8868 is simple and automatic, and it is relatively straightforward to fill out. It has only two parts and does not require any date or signature.
You don't have to give a reason for requesting an extension.
- Enter the Organization details such as name, EIN, Address
- Choose the extension type
- Enter the tax details such as tax payments if filing for Forms 990-BL, 990-PF, 990-T, 4720, or 6069
Where to file Form 8868?
Form 8868 can be filed either electronically or as a paper copy. However, the IRS recommends to
e-file Form 8868 for faster processing and to get updates on the status of the form instantly
In case If you choose to file in paper format, complete the form and mail it to
Internal Revenue Service Center,
Ogden, UT 84201-0045.
However, while filing an extension for Form 8870, the IRS accepts only the paper-filing of Form 8868. In that case, the extension form must be sent in paper format to the address mentioned above.
What are the Late payments & filing Penalties?
Late Payment penalty:
The organization will be imposed with a penalty of 1/2 of 1% of any tax amount that wasn't paid by the due date for every month or a part of a month that the tax remains unpaid. However, the organization will not be charged with a penalty amount if it provided a reasonable explanation for not paying the tax on time.
Late filing penalty:
The organization that files its information return after the due date(including extensions) will be charged with a late filing penalty unless it provides a reasonable explanation for not filing the return on time
Note - The late filing penalty will vary based on the information return.
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