Form 990 Filing Extension for NFPs

Not-For-Profit Form 990 Filing Extended to July 15

 

Not-for-Profits normally must file Form 990 on or before May 15; however the filing extensions granted to individuals and taxpayers were also granted to NFPs when the IRS issued Notice 2020-23. Form 990 now has an extended filing deadline of July 15, 2020. 

 

The following returns that qualify under this extension include:

  • Form 990, Return of Organization Exempt From Income Tax
  • Form 990-T, Exempt Organization Business Income Tax Return
  • Form 990-PF, Return of Private Foundation
  • Form 4720, Return of Certain Excise Taxes under Chapters 41 and 42 of the Internal Revenue Code

 

For more information about filing six-month filing extensions for Form 990 and related questions, please contact our CPAs. 

 

As always, the IRS keeps information updated frequently on their site. Visit the IRS’s Filing and Payment Deadline Questions and Answers for updated information. 

 

The AICPA also keeps on top of general education and updates concerning the new tax changes. 

 

For an overview of the disaster relief options available to you at this time, read through our FAQs About COVID-19 SBA Disaster Loans.

CARES Act and Paycheck Protection Program

The CARES Act with Paycheck Protection Program

The Relief Package Was Approved

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Trump on Friday, March 27, 2020. There are multiple components to the relief funds that may benefit your business. A core element is the Paycheck Protection Program. In short, these are SBA loans that may be forgivable to eligible businesses and 501(C)(3) organizations that use the loans for the program’s specific guidelines. For guidance on any COVID benefit programs, please call us.

Our COVID Response Group

If you need our help, please call. We want to make sure you are maximizing all benefits, making the right choices and accounting for any funds or benefits you receive. Our group can help you with:

  • SBA Loan Application Processing
  • Comprehensive Tax Relief Evaluation Covering All Components of the CARES Act
  • Cash Flow Projections and Tracking

A Few Items to Share

  • There are multiple programs. If you select one, you may not be eligible for another.
  • The Paycheck loans will need to be processed through your financial institution. As of today, most financial institutions are working as fast as they can to get set-up to process loan requests.
  • The loan can pay for up to 8 weeks of qualified payroll. For more information on the exceptions involved, contact Perry & Associates.
  • The loan can also be used for utilities, mortgage interest, rent payments, healthcare benefits, interest on existing debt.

Let Us Help

Please contact us with questions or to discuss your specific situation. We will help you through these difficult financial decisions.

(740) 373-0056