Category Archives: Form 8868

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Extension of time for reporting Tax on Form 990-T

Extension of time for reporting Tax on Form 990-T

Corporations may request an automatic 6-month extension of time to file Form 990-T by using Form 8868, Application for Extension of Time To File an Exempt Organization Return.

Trusts may request an automatic 3-month extension of time to file by using Form 8868. Also, if more than the initial automatic 3 months is needed, trusts may file a second Form 8868 to request that an additional, but not automatic, 3-month extension be granted by the IRS.

What id Form 990-T?

Form 990-T is to report Income Tax on a non-profit corporation, trust etc.

Purpose of Form

Use Form 990-T, Exempt Organization Business Income Tax Return, to:

  • Report unrelated business income;
  • Figure and report unrelated business income tax liability;
  • Report proxy tax liability;
  • Claim a refund of income tax paid by a regulated investment company (RIC) or a real estate investment trust (REIT) on undistributed long-term capital gain; and
  • Request a credit for certain federal excise taxes paid or for small employer health insurance premiums paid.

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Report Extension Tax form 8868 to get more time to file Form 990, Return of Organization Exempt From Income Tax.

Form 990, Return of Organization Exempt From Income Tax

Annual Electronic Filing Requirement for Small Tax-Exempt Organizations:

Many small tax-exempt organizations with annual gross receipts less than or equal to $50,000 now must submit Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ, if they choose not to file Form 990 or 990-EZ. See the IRS website at www.irs.gov/charities and click on the Form 990-N (e-Postcard) tab for more information.

Paid preparers can no longer enter their social security numbers on page 1 in the signature block.

Purpose of 990 Forms

Forms 990 and 990-EZ are used by tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations to provide the IRS with the information required by section 6033.

An organization’s completed Form 990 or 990-EZ, and a section 501(c)(3) organization’s 990-T, Exempt Organization Business Income Tax Return, generally are available for public inspection as required by section 6104. Schedule B (Form 990, 990-EZ, or 990-PF), Schedule of Contributors, is available for public inspection for section 527 organizations filing Form 990 or 990-EZ. For other organizations that file Form 990 or Form 990-EZ, parts of Schedule B (Form 990, 990-EZ, or 990-PF), can be open to public inspection. See Appendix D and the instructions for Schedule B (Form 990, 990-EZ, or 990-PF) for more details.

Some members of the public rely on Form 990 or Form 990-EZ as their primary or sole source of information about a particular organization. How the public perceives an organization in such cases can be determined by information presented on its return. Therefore, the return must be complete, accurate, and fully describe the organization’s programs and accomplishments.

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File an extension before due date April 18!!

File it before April 18 @ www.tax4868.com

Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.www.Extensiontax.com

Use Form 4868 to request an automatic extension of time to file a U.S. individual income tax return. The extension will be granted if you properly estimate your tax liability using the information available to you. Enter your total tax liability on Form 4868, and file Form 4868 by the regular due date of your return (April 18th).

Although you are not required to make the full payment of the tax you estimate as due, Form 4868 does not extend the time to pay taxes. If you do not pay the amount due by the regular due date, you will owe interest. You should pay as much as you can to limit the amount of interest you will owe. You may also be charged penalties.

You do not have to explain why you are asking for the extension. IRS will contact you only if your request is denied. Do not file Form 4868 if you want the IRS to figure your tax or you are under a court order to file your return by the regular due.

Use Form 4868 to apply for 6 more months (4 months if U.S. citizen or resident is out of country) to file Form 1040, 1040A, 1040EZ, 1040NR, or 1040NR-EZ.

Calendar year taxpayers should file Form 4868 by April 15, 2010. Fiscal year taxpayers, file Form 4868 by the regular due date of the return.

If a US citizen or resident is out of the country on the regular due date of return, then he/she is allowed 2 extra months to file the return and pay any amount due without requesting an extension. For a calendar year return, this is June 15, 2010. File this form and be sure to check the box if you need an additional 4 months to file your return.

E-file your extension:

In order to get an extension, you need to file Form 4868 with the IRS through www.tax4868.com /www.ExtensionTax.com. Paid prepares can also electronically file Form 4868 through our service. All it takes is just minutes to complete and get easy 6-months extension.

Get 6-months Tax Extension, relax yourself, prepare and file your returns on or before Oct 15th, 2011. No penalty or interest to e-file Tax Extension. Call our Help Desk at 1-866-245-3918 or simple write to us at support@extensiontax.com

Can’t Meet April 18 Deadline? File Extension.

www.tax4868.com

WASHINGTON — Are you unable to complete and file your federal individual tax return by the April 18 deadline? If so, you can request an extension of time to file, which will automatically give you until Oct. 17, 2011, to submit your tax return to the Internal Revenue Service.

An extension gives you an additional six months to file your tax return. But keep in mind that an extension of time to file is not an extension of time to pay. All outstanding balances are due on April 18, 2011.

The IRS expects to receive approximately 10 million extension requests in 2011, which is about the same as last year.

Numerous Ways to Get an Extension

In order to get an extension, you need to file Form 4868 with the IRS.

Taxpayers can electronically file Form 4868 through IRS Free File or Free File Fill-able Forms. Using Free File to prepare and electronically submit Form 4868 is free to everyone, regardless of income.

Paid preparers can also electronically file Form 4868 as can tax software that you run on your computer.

Finally, a paper version of Form 4868 is available for download from IRS.gov. However, the IRS will only provide an acknowledgment of your extension request if you e-file or Free File the request.

When you request an extension, you need to estimate your tax liability and pay any balance due by the April 18 deadline. If you are unable to pay the total balance due, you should pay as much as possible and apply for an installment agreement.

Get easy 6-month extension for filing federal individual tax return @ www.extensiontax.com

For any further support Call Help Desk at 1-866-245-3918 or simple email to us at support@extensiontax.com.

IRS Tax Extension: e-file Federal Form 4868 Tax return

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April 15th has long been known as tax day in the United States. Just because the day never changes does not mean that the circumstances for taxpayers do not change.  Many taxpayers may find themselves needing more time to file their tax return when April 15th rolls around.

When it comes to dealing with taxes and the IRS is to avoid waiting until the last possible minute to request an extension.  Filing an extension provides you with an automatic 6 month postponement to file your return (until October 15th); it is not an extension for payment.

Steps to Take to File for an Extension on your Tax Return

  • Identify BEFORE April 15th that you need to request an extension to file your taxes.
  • Visit the official IRS e-file supporter website and complete the Automatic Extension Form (4868) electronically. The website provides information on the tax deadlines, forms and instructions for completing necessary tax return information.
  • You will be required when you file to make a payment in full of the approximate amount that you owe as determined by your rough draft of the tax return. This amount can be paid either by credit card online or by check in the mail. Either method must be filed by midnight on April 15th to not be considered a late return.
  • After you request your extension, ensure that you file your final tax return within 6 months of requesting the extension.

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ExtensionTax.com is a premier efile service provider in the Tax Industry and it is the professional way to efile any extension tax returns with IRS.

  • Get easy 6-months tax extension to file your personnel income tax returns.
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Implications to Consider when Filing for an Extension

  • Filing for an IRS extension is simply a request to the IRS asking them to grant you more time to file your tax return.
  • Most taxpayers who file for an extension are approved for this if they follow the tax calendar deadlines provided by the IRS.
  • Remember that being granted an extension to file does NOT mean you have been granted an extension for the payment owed to the IRS.
  • A payment on the estimated balance owed must be made at the time your extension is filed.
  • If you do not make a payment with your request for an extension you may avoid the penalty for late filing but will be responsible for the interest rates associated with your late tax bill.
  • Taxpayers who are requesting an extension should be prepared to pay at least 90% of the amount that they will estimate to be due for the year at the time that the extension request is filed with the IRS. This estimated amount is for the current tax year.
  • If you owe money to the IRS for back taxes you will be required to pay your tax bill in full by tax day, April 15th. This is true regardless of the extension.
  • Late tax payments are subject to penalties and interest on the outstanding balance.
  • The penalty for failing to file taxes by the deadline is 5% per month up which caps at 25% of the entire balance owed.
  • The penalty for failure to pay your taxes is 0.5% per month in addition to a monthly charge for interest on the balance owed when taxes have been filed.

The Bottom Line

The tax laws and the business of preparing and filing taxes can be overwhelming. Avoiding the process can have serious consequences that can impact you for years to come. Taxes are expensive enough but failing to file and pay on time can add thousands in fees and penalties to your tax bill.

As a taxpayer you can avoid paying more than you have to by following the rules of the IRS and realizing ahead of time when filing for an extension may be in your best interest. The bottom line is that everyone who owes taxes will be required to pay them. Following the tax calendar and the rules of the IRS will eliminate the penalties and interest associated with outstanding tax balances.

E-file an Extension for your Business and Individual Tax returns at ExtensionTax.com. For any further support and queries please call Help Desk 1-866-245-3918 or email to support@taxexcise.com