Form 990-T and Form 1120-POL Filers E-Filing Updates

CATEGORY: Nonprofit News
CLIENT TYPE: Nonprofit
DATE: Feb 09, 2024

On January 18, 2024, the Internal Revenue Service (IRS) announced that due to IRS system upgrades, certain organizations that must e-file Form 990-T (Exempt Organization Business Income Tax Return) or Form 1120-POL (U.S. Income Tax Return for Certain Political Organizations) will not be able to electronically file these forms until March 17, 2024.  Organizations who need to file between January 15, 2024 and March 15, 2024 should follow the below instructions:

Form 990-T

Applies to organizations subject to the unrelated business income tax (UBIT) (exempt organization that has $1,000 or more of gross income from an unrelated business).

An organization with a Form 990-T due from January 15 to March 15, 2024 should request an automatic six-month extension of time to file by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return by the due date of the return, with any balance due to avoid interest and penalties.

Beginning March 17, 2024, organizations will be able to timely e-file Form 990-T by the extended due date.

Form 1120-POL

Applies to political organizations and certain exempt organizations required to report their taxable income under 26 U.S.C. section 527.

An organization that is required to e-file a return due between from January 15 to March 15, 2024 should request an automatic six-month extension of time to file Form 1120-POL by submitting Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, and paying the full balance due with that form to avoid interest and penalties.

Taxpayers with due dates on April 15, 2024 and later will be able to e-file Forms 990-T and Forms 1120-POL on time.

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