Tax Day 2023: IRS reminds tax-exempt organizations of filing deadline next month
Asher Notheis
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The Internal Revenue Service has reminded tax-exempt organizations of the upcoming filing deadline many of them face coming up next month.
The deadline the IRS is alerting to concerns organizations that follow a calendar-year basis, which in this case is set for May 15. Tax-exempt organizations are required to file several documents by the 15th day of the fifth month after the end of its accounting period, according to the IRS.
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Returns that are due on May 15 include annual information returns, such as several of the Form 990-series, as well as the Form 990-T.
For organizations seeking the fastest way to return, the IRS recommends using electronic filing, as it reduces processing time and makes compliance with reporting requirements easier.
The IRS has also reminded organizations to avoid submitting returns with inaccuracies or errors, as any returns with errors or false information will be rejected. Common errors that can be made when filing include schedules that are either missing from the return or are incomplete.
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Organizations that need some extra time to file before the deadline can request a six-month automatic extension by electronically filing Form 8868. Organizations should know that if taxes are due, extending the filing deadline will not extend the time for paying the taxes.
The tax filing deadline for taxpayers was set for April 18, with those who received an extension having until Oct. 16 to file. The IRS has a “Where’s My Refund” tool that can be used for free on its website, allowing taxpayers to know when they will receive their refund.