Welcome back, tax filers. Hope you are pink of health. Last week we had a blog on form 8868, providing you with an overview about the form. However, today we are here to remind you about the due date that is going to expire in another few hours. Every organization or individual is required to file income taxes through various forms and pay their dues and this applies to Exempt organizations as well. We would assume, they don’t pay taxes, but that is not the case. They do pay, but minimal they have to submit their original documents while filing taxes through Form 990, Form 990 BL, Form 990 EZ, Form 990 PF, Form 990 T (corporation) 6 months extension, Form 990-T (trust other than above), Form 4720, Form 6069, Form 8870.
In case, if you are not ready with your documents, you can always ask IRS for 3 months extension of time to get your papers on place and report. Exempt organizations are exceptional and thus, if the first applied automatic extension for 3 months is not sufficient, you can always ask IRS another 3 months (not automatic) and get your papers ready for filing without penalties.
The form is divided into Part I & Part II, for varied individuals. Part I is used for applying an automatic 3-months extension of time to file an organization’s return and submit the original form to IRS. Here, no copies are required. Part II is used to apply for an additional (not automatic) 3-months extension. Tax filers are required to file original form with IRS, no copies required.
There are certain terms and conditions applied with every extension, and that implies for form 8868 as well. Automatic 3 months extension (6 months for a corporation required to file form 990-T) will be accepted if this form is completed, filed paid the dues on the line 3c by the due date for the return the extension applies. Also, both the extensions i.e. automatic 3 months extension and other 3 months extension cannot be filed together.
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