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Form 8868 (Rev January 2014) Application for Extension of Time To File an Exempt Organization Return OMB No. 15451709 File a separate application for each return. Department of the Treasury Internal

How to fill out 8868 application for extension

How to Fill out 8868 Application for Extension:

1. Obtain the 8868 application form: The 8868 application for extension is available on the IRS website or can be obtained from tax professionals. Download or request a copy of the form to begin the process.
2. Fill out relevant personal information: Begin by entering your organization's name, address, and Employer Identification Number (EIN). Ensure that this information is accurate and up to date.
3. Indicate the applicable tax form: Determine which tax form you are requesting an extension for and mark it accordingly on the form. Provide the tax year for which the extension is needed.
4. Provide a brief explanation for the extension request: In this section, briefly explain the reason for requesting an extension. Be concise and clear, providing a legitimate and valid reason for needing additional time to file your tax return.
5. Estimate your tax liability: Estimate your organization's total tax liability for the tax year in question. This estimation should be based on the information available at the time of filing the extension. While this amount may be subject to change, provide the best estimate possible.
6. Make any required payments: If you anticipate owing taxes, it is recommended to make an estimated payment with the extension request. This will help minimize any potential interest or penalties that may be incurred.
7. Sign and date the form: Ensure that the form is signed and dated. Only authorized individuals should sign the form, typically an officer or authorized representative of the organization.
8. Retain a copy for your records: Before submitting the application, make a copy of the completed form for your records. This will serve as proof of filing and can be helpful in case of any future inquiries.

Who Needs 8868 Application for Extension:

1. Tax-exempt organizations: Nonprofit organizations, charities, and other tax-exempt entities that are required to file an annual information return (Form 990, 990-EZ, or Form 990-PF) may need to file an 8868 application for extension.
2. Organizations with insufficient time: If an organization is unable to complete its tax return by the original due date, they can use Form 8868 to request an automatic extension of time to file.
3. To avoid penalties and interest: Filing the 8868 application allows organizations to avoid late-filing penalties and potential interest charges. It helps provide additional time to gather necessary financial information and ensure accurate reporting.

Remember, it is essential to consult with a tax professional or review the specific IRS guidelines to ensure compliance with the requirements and deadlines associated with the 8868 application for extension.

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What is 8868 application for extension?

The 8868 application for extension is used by certain exempt organizations to request an automatic 3-month extension to file their annual information returns.

Who is required to file 8868 application for extension?

Certain exempt organizations, such as charities, must file the 8868 application for extension if they need more time to file their annual information returns.

How to fill out 8868 application for extension?

To fill out the 8868 application for extension, organizations must provide basic information such as name, address, and EIN, along with the reason for needing an extension.

What is the purpose of 8868 application for extension?

The purpose of the 8868 application for extension is to give qualifying organizations more time to file their annual information returns without facing penalties for late filing.

What information must be reported on 8868 application for extension?

On the 8868 application for extension, organizations must report their name, address, EIN, tax year, estimated total income, and reason for needing an extension.