Bookmark and Share [ [link removed] ]

a { color:#0073AF !important;} a:hover { color:#004673 !important;}
IRS.gov Banner
IRS Newswire January 18, 2024

News Essentials

What's Hot [ [link removed] ]

News Releases [ [link removed] ]

IRS - The Basics [ [link removed] ]

IRS Guidance [ [link removed] ]

Media Contacts [ [link removed] ]

Facts & Figures [ [link removed] ]

Around The Nation [ [link removed] ]

e-News Subscriptions [ [link removed] ]

________________________________________________________________________

The Newsroom Topics

Multimedia Center [ [link removed] ]

Noticias en Español [ [link removed] ]

Radio PSAs [ [link removed] ]

Tax Scams [ [link removed] ]

The Tax Gap [ [link removed] ]

Fact Sheets [ [link removed] ]

IRS Tax Tips [ [link removed] ]

Armed Forces [ [link removed] ]

Latest News Home [ [link removed] ]

________________________________________________________________________

IRS Resources

Contact My Local Office [ [link removed] ]

Filing Options [ [link removed] ]

Forms & Instructions [ [link removed] ]

Frequently Asked Questions [ [link removed] ]

News [ [link removed] ]

Taxpayer Advocate [ [link removed] ]

Where to File [ [link removed] ]

IRS Social Media [ [link removed] ]

________________________________________________________________________


*Issue Number: *   IR-2024-15

*Inside This Issue*
________________________________________________________________________

*IRS: Update for Form 990-T, Form 1120-POL filers with upcoming deadlines; e-file unavailable for small number of organizations with earlier due dates*

"*An extension can be filed for both forms or paper file with Form 1120-POL*"

WASHINGTON ̶ The Internal Revenue Service today alerted a limited group of tax exempt organizations that they won’t be able to electronically file Form 990-T, Exempt Organization Business Income Tax Return, or Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations [ [link removed] ], until March 17, 2024.

IRS system upgrades mean e-filing of Forms 990-T and Forms 1120-POL (including returns on extension) with due dates from Jan. 15, 2024, to March 15, 2024, are currently unavailable. The IRS notes previous filing data show only about 2,000 Forms 990-T and 1120-POL were electronically filed during this time period, with the vast majority of those involving 990-T. Entities needing to file in this timeframe should follow the below instructions.

Taxpayers with due dates on April 15, 2024, and later will be able to e-file Forms 990-T and Forms 1120-POL on time.

*Returns due from Jan. 15, 2024, to March 15, 2024:*

• *Form 990-T, Exempt Organization Business Income Tax Return*
A relatively small number of 990-T filers are affected by this.

Organizations subject to unrelated business income tax (UBIT) [ [link removed] ] are required by law to file Form 990-T electronically. An organization with a Form 990-T due from Jan.15, to March 15, 2024, should request an automatic six-month extension of time to file by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return [ [link removed] ], by the due date of the return. The IRS estimates only about 2,000 of the 200,000 Form 990-T filers have a due date in this time period and are affected by this.

Any balance due must be submitted with Form 8868 to avoid interest and penalties. Beginning March 17, 2024, organizations will be able to timely e-file Form 990-T by the extended due date.

If an affected organization doesn’t timely submit an extension, or if the extended due date falls within the period from Jan. 15, 2024, to March 15, 2024, and the organization consequently doesn’t timely e-file its Form 990-T, it should include with its late e-filed Form 990-T a request that any penalties for late filing not be imposed due to reasonable cause. The reasonable cause request should reference that e filing was not available as of the due date of the return.

• *Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations*
Organizations filing a Form 1120-POL that is due from Jan. 15, 2024, to March 15, 2024, (including returns on extension) may file on paper. An organization that wishes to e-file a return with an original due date during that period may request an automatic six-month extension of time to file Form 1120-POL by submitting Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns [ [link removed] ], and paying the full balance due with that form to avoid interest and penalties. As noted earlier, only a handful of these groups typically file electronically in the affected time period.

*Filing only to make an elective payment election for Clean Energy Credits*
The electronic filing delay won’t affect the ability of government entities and Indian tribal governments – that aren’t subject to UBIT – to timely file Form 990-T to make an elective payment election (EPE) [ [link removed] ] for Clean Energy Tax Credits [ [link removed] ]. EPE is available for tax years beginning in 2023, therefore the returns won’t be due until after March 17.

In addition, under the law, an entity can’t receive the elective payment amount before the original due date of the return. Filing before the original due date for the return will not shorten the time for payment. While government entities and Indian tribal governments that aren’t subject to UBIT aren’t subject to the electronic filing mandate, the IRS encourages all taxpayers to e-file. See the Elective Pay and Transferability FAQs [ [link removed] ] on irs.gov for more information on EPE for Clean Energy Credits.

 

Back to Top [ #Fifteenth ]

________________________________________________________________________

FaceBook Logo [ [link removed] ]  YouTube Logo [ [link removed] ]  Instagram Logo [ [link removed] ]  Twitter Logo [ [link removed] ]  LinkedIn Logo [ [link removed] ]

________________________________________________________________________

Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe [ [link removed] ].

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.


________________________________________________________________________

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page [ [link removed] ]. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com [ [link removed] ].

This service is provided to you at no charge by the Internal Revenue Service (IRS) [ [link removed] ].


body .abe-column-block {min-height: 5px;} ________________________________________________________________________

This email was sent to [email protected] by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535 GovDelivery logo [ [link removed] ]
body .abe-column-block { min-height: 5px; } table.gd_combo_table img {margin-left:10px; margin-right:10px;} table.gd_combo_table div.govd_image_display img, table.gd_combo_table td.gd_combo_image_cell img {margin-left:0px; margin-right:0px;}