IRS 8868 Explained
What is IRS 8868?
IRS Form 8868 is a tax form used by organizations to request an extension of time to file their annual information returns. This form is essential for tax-exempt organizations, including charities and certain other non-profit entities. By filing Form 8868, these organizations can get additional time for the submission of their required IRS returns without facing penalties.
Fill out IRS 8868 online
Get the latest version of the form and complete it in minutes.
Purpose of IRS 8868
The primary purpose of IRS Form 8868 is to provide tax-exempt organizations with a formal process to extend their filing deadline for Form 990, Form 990-EZ, or Form 990-PF. These forms are crucial because they report the organization’s financial and operational details to the IRS. The extension allows organizations to gather necessary financial information and prepare more accurate filings, thereby ensuring compliance with federal tax law.
Where is IRS 8868 used and by whom?
IRS Form 8868 is typically used by a variety of organizations, primarily:
-
1.Charitable organizations seeking to maintain their tax-exempt status.
-
2.Social service organizations that provide community support.
-
3.Religious institutions required to report under IRS regulations.
-
4.Political organizations and other entities qualifying for exempt status.
For example, a local charity that holds events throughout the year may need more time to piece together its financial statements before filing its annual return. Utilizing Form 8868 allows them to extend their filing deadline to ensure accuracy.
Step-by-step: how to fill out IRS 8868
Filling out IRS Form 8868 involves multiple steps. Here’s a simple guide to help you complete the form:
-
1.Access the form through the IRS website or use an editing tool like pdfFiller.
-
2.Provide the organization's name and address in the designated sections.
-
3.Enter the Employer Identification Number (EIN) accurately.
-
4.Indicate the type of organization by checking the relevant boxes.
-
5.Specify the tax form for which you are requesting an extension.
-
6.Choose the requested extension duration—typically 3 or 6 months.
-
7.Sign the form and date it to complete your submission.
Utilizing pdfFiller allows for a seamless experience in filling out the necessary fields and ensuring your form is error-free before submission.
Who is required to complete IRS 8868?
Organizations required to file Form 8868 include all tax-exempt entities that need an extension for their annual information returns (Form 990 series) with the IRS. This generally applies to:
-
1.Organizations classified under Section 501(c) of the IRS code, such as charitable organizations.
-
2.Nonprofit organizations recognized by the IRS that may not generate taxable income but must still report financial information.
-
3.Any tax-exempt organization that has failed to file their return on time and is seeking a penalty-free extension.
Information you need to complete IRS 8868
To accurately fill out IRS Form 8868, you will need the following information:
-
1.The full legal name of the organization.
-
2.The organization’s mailing address.
-
3.The Employer Identification Number (EIN).
-
4.The specific type of tax form for which you are requesting an extension.
-
5.The length of the extension being requested (3 or 6 months).
-
6.A signature from an authorized person representing the organization.
How to submit IRS 8868
Submitting IRS Form 8868 can be done in several ways:
-
1.Electronically through the IRS website if you are using software that supports e-filing.
-
2.By mail, ensuring the address is correct as indicated in the form instructions.
-
3.Using third-party intermediaries or tax professionals who can handle filings on behalf of the organization.
Make sure to submit the form before the original deadline of the return to avoid penalties. The form is typically due on the same day as the organization’s tax return.
When to update or refile IRS 8868
There are several situations where you may need to update or refile IRS Form 8868:
-
1.If there has been a change in the organization’s address.
-
2.If the type of return you need to file has changed.
-
3.If additional information becomes available that alters the initial request.
In these cases, it's important to resubmit to ensure the IRS has accurate information about your organization and its filing requirements.
What happens if you don’t file IRS 8868?
Failing to file IRS Form 8868 on time can lead to several consequences:
-
1.Organizations may face penalties for late filing, which can accumulate over time.
-
2.Failure to maintain proper filings may jeopardize the organization's tax-exempt status.
-
3.Potential audits or further scrutiny from the IRS may occur due to a history of incomplete filings.
It is crucial for organizations to meet their filing obligations to avoid these risks and maintain compliance with IRS regulations.
Fill out IRS 8868 online
Get the latest version of the form and complete it in minutes.
Frequently Asked Questions About the IRS 8868
What is the IRS 8868 form used for?
The IRS 8868 form is primarily used by organizations to apply for an extension of time to file their annual returns. This form is crucial for non-profit organizations as it allows them to request up to six additional months to submit their IRS Form 990, one of the key requirements for maintaining their tax-exempt status. Filing the IRS 8868 can help organizations stay compliant with IRS regulations.
How do I fill out the IRS 8868 form?
To fill out the IRS 8868 form, you will need to provide your organization's name, address, employer identification number, and the type of annual return you are extending. It’s important to ensure that all information is accurate and complete to prevent delays in processing your extension request. Additionally, make sure to submit the IRS 8868 before the original filing deadline to avoid any penalties.
Who is eligible to file the IRS 8868 form?
Any tax-exempt organization that is required to file an annual return with the IRS is eligible to file the IRS 8868 form. This includes various types of non-profits, such as charitable organizations and educational institutions. However, ensure that your organization is current on past filings before applying for an extension using the IRS 8868.
What happens if I don't file the IRS 8868 on time?
Failing to file the IRS 8868 on time can result in penalties for your organization, including the potential loss of your tax-exempt status. If you miss the deadline for submitting your annual return, the IRS may impose fines based on your organization's revenue. To avoid complications, it is crucial to either timely file the IRS 8868 or submit the annual return by the original due date.
How many times can I file the IRS 8868 in a year?
An organization can file the IRS 8868 form multiple times during a tax year if it meets certain criteria. However, keep in mind that specific limits apply to how many extensions you can request, with a maximum of two automatic extensions allowed for most organizations. Each filing must be well-documented, ensuring that it complies with IRS guidelines for the IRS 8868.
Is there a fee associated with filing the IRS 8868?
There is no fee to file the IRS 8868 form itself; however, organizations must ensure that they meet all filing requirements to avoid penalties. Although the IRS does not charge directly for submitting the IRS 8868, failing to file can lead to significant costs associated with penalties or interest due on unpaid taxes. Therefore, timely submission of the IRS 8868 is beneficial to mitigate any potential financial impact.
Can I e-file the IRS 8868 form?
Yes, you can e-file the IRS 8868 form through various authorized e-filing services or providers that support IRS applications. Electronic filing can expedite the processing time and provide confirmation that your extension request has been received. Using an e-filing option for the IRS 8868 can simplify the process and give you peace of mind.
What information do I need to gather for the IRS 8868 form?
Before completing the IRS 8868 form, you will need specific information including your organization's name, address, and employer identification number. You should also have details about the return you are requesting an extension for, such as the type of return, the due date, and any previous extensions applied for. Gathering this information ahead of time will streamline the completion process of the IRS 8868.
What should I do after submitting the IRS 8868?
After submitting the IRS 8868 form, monitor your correspondence from the IRS for confirmation of your extension request. If you filed electronically, you should receive an immediate notification confirming receipt. It's crucial to note the new deadline for your annual return filing after the IRS has processed your extension request, ensuring that your organization remains compliant.
Where can I find the IRS 8868 form?
The IRS 8868 form can be downloaded directly from the IRS website or through various tax preparation software that offers tax forms. Alternatively, pdfFiller provides a convenient platform where you can access, fill, and submit the IRS 8868 form seamlessly. Having an easily accessible digital form simplifies the whole process of managing your charity's tax filings.
Disclaimer:
This content is for informational purposes only. It is not legal or other professional advice. airSlate provides
this material on an "as-is" basis and disclaims all representations, guarantees, or warranties, whether express,
implied, or statutory, including but not limited to warranties of merchantability, fitness for a particular
purpose, or accuracy.