Federal Tax, Tax

May 15th Deadline for Tax-Exempt Entities

The tax filing deadline has passed for most of us, but not for all. For example, the IRS is reminding tax-exempt entities that they must file their 2023 returns by May 15. Those who can’t meet that deadline may seek a six-month extension. Many of the Form 990 series returns and Form 4720 (for private foundations) must be filed electronically. The IRS also reminds tax-exempt groups that they must guard their exempt status by following tax law and IRS regulations, or risk losing their ability to receive tax-deductible donations. One of the ways an organization can lose its tax-favored status is by serving private interests rather than public. Here’s more from the IRS: https://bit.ly/3Lr0Vrg. Contact us with questions. © 2024