Tax Alerts

IRS Reminds Tax-Exempt Organizations about May 16 Filing Deadline, IR-2022-93

The IRS reminded tax-exempt organizations about the May 16, 2022, filing deadline for many of them. Those tax-exempt organizations that operate on a calendar-year basis have to file the following returns with the IRS:

  • Form 990-series annual information returns, including Form 990, Return of Organization Exempt From Income Tax, Form 990-EZ, Short Form Return of Organization Exempt from Income Tax and Form 990-PF, Return of Private Foundation.
  • Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990-EZ.
  • Form 990-T, Exempt Organization Business Income Tax Return.
  • Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.

Further, the IRS informed that organizations filing a Form 990, 990-EZ, 990-PF or 990-T for calendar-year 2021 must file their returns electronically. Private foundations filing a Form 4720 for calendar-year 2021 must file the form electronically. Charities and other tax-exempt organizations can file these forms electronically through an IRS authorized e-file provider. Organizations eligible to submit Form 990-N must do so electronically and can submit it through Form 990-N on IRS.gov. Additionally, the IRS reminded organizations that if an organization’s return is incomplete or the wrong return for the organization, it will be rejected. Common errors include missing or incomplete schedules.

Finally, the IRS informed that tax-exempt organizations can request a six-month automatic extension by filing Form 8868, Application for Extension of Time to File an Exempt Organization Return. In situations where tax is due, extending the time for filing a return will not extend the time for paying tax.

IRS Unintentionally Releases Form 990-T Data

The Internal Revenue Service announced that it has unintentionally made certain data collected from Form 990-T available for bulk download […]

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IRS Unintentionally Releases Form 990-T Data

IRS Clarifies Instructions for Form 8996, IRS Post-Release Changes to Tax Forms, Instructions, and Publications

The IRS has clarified that qualified opportunity zone businesses should not file Form 8996. Form 8996 is filed only by […]

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IRS Clarifies Instructions for Form 8996, IRS Post-Release Changes to Tax Forms, Instructions, and Publications

List of Countries with U.S. Exchange of Information Agreements Updated, Rev. Proc. 2022-35

The IRS has supplemented the list of countries with which the U.S. has an agreement relating to the exchange of […]

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List of Countries with U.S. Exchange of Information Agreements Updated, Rev. Proc. 2022-35

Rates Used in Computing Special Use Value Issued, Rev. Rul. 2022-16

A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued […]

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Rates Used in Computing Special Use Value Issued, Rev. Rul. 2022-16

Tuition Debt Relief Will Not Be Taxable Income

The recently announced tuition debt relief program will not add to the tax burden of individuals who are able to […]

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Tuition Debt Relief Will Not Be Taxable Income

IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]

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IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]

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Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]

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IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

IRS Issues Statement on CP-14 Notices

The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]

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IRS Issues Statement on CP-14 Notices

IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]

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IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act