ETAX990NBLOG

Types of Tax-Exempt Organizations – Etax990N

Tax exemption is a reduction in the taxes, which is usually enforced on the individuals and organizations by state and federal governments. To attain a tax-exempt status, an organization should meet certain criteria that are defined by the U.S Internal Revenue Code (IRC). Organizations that receive tax exemptions from the taxes under the IRC are churches, trusts, charities and any other organizations which are functioned for the tax-exempt purposes. Let us check various types of organization which...

Major Changes Coming for Tax-Exempt 8868 Extension (990n Extension)

In regulation released in January 2017, the Internal Revenue Service started a new extension procedure for the organizations that are required to file Form 990, “Return of Organization Exempt from Income Tax”. Tax Exempt Organizations that need an extension at present must file a “single ”IRS 8868 Form to request the automatic six-month maximum extension of time in order to file the annual tax return. Earlier, the Tax Exempt Organizations proposed to avail a full statutory extension period,...