This article was originally published on March 30th and is being updated as new information becomes available.
The Internal Revenue Service (IRS) announced on April 9, 2020, that informational tax return due dates have been extended in light of the coronavirus pandemic. Not-for-profits with filing deadlines of April 1, 2020 to July 14, 2020 now have due dates of July 15, 2020. The extension is applied automatically; organizations do not need to call the IRS or file any extension forms in order to utilize the extended deadline. However, organizations that will require additional time past the due date of July 15 will need to file the normal extension forms. Those extensions will not be extended past the normal extended filing date.
For example, an organization with a December 31 year-end (with a normal due date of May 15) now has until July 15 to file their December 31, 2019 returns, and no further action needs to be taken to request this extension; it is automatic. If an organization needs to take advantage of the normal extended due date, its extended due date would still be November 15, 2020, and would require the usual extension form to be filed.
Other resources for not-for-profit organizations:
- PPP Loan Forgiveness Considerations for Not-For-Profits
- Financial Planning for Nonprofits in Uncertain Times
If you have questions about your organization, please contact your local Blue & Co. advisor today.
Please continue to monitor our Coronavirus Resources and Information Page for updates.