The DOT and IRS subsequently released a follow-up list of questions and answers on March 24 to eliminate any confusion created by The Notice.
As many of you are, by now, aware, the due date for filing both individual tax returns and paying tax liability up to $1,000,000 is now July 15, 2020. The Notice also addressed the filing of other income tax returns originally due on April 15, 2020. To receive the filing and payment extension under The Notice, three things are required:
Unfortunately, for tax-exempt organizations, Form 990 is considered to be an information return rather than a tax return under the Internal Revenue Code and Treasury Regulations. Thus tax-exempt organizations filing Form 990 do not meet all three requirements for delayed filing. It is possible, however, that the May 15 due date for 2019 Form 990s may be extended beyond May 15 by a subsequent notice. Until then, we recommend that you continue to operate under the current May 15 filing date. We will continue to monitor this situation and update you as new information is available.
Organizations and qualified retirement plans filing Form 990-T, which is considered to be an income tax return, will only be subject to the filer of the Form 990-T delayed filing and payment provisions of The Notice under one of two circumstances. These two circumstances for delayed filing of Form 990-T are:
For additional insights to help you and your organization during this challenging time, visit Withum’s COVID-19 Resource Center.