RP-2024-39: Rules for Making Elective Payment Election

Revenue Procedure 2024-39 grants certain applicable entities under section 6417(d)(1)(A) of the Internal Revenue Code an automatic six-month extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return (and proxy tax under section 6033(e) of the Code), with any other relevant schedules and forms (such as Form 3800, General Business Credit, and any relevant source credit forms), to make an elective payment election as provided under section 6417(d)(3) and §1.6417-2(b).

In addition to the automatic six-month extension of time to file for certain applicable entities, this revenue procedure allows certain applicable entities to make the elective payment election on a paper-filed Form 990 if they follow certain procedural requirements. The document also provides a procedure allowing for assistance on processing an elective payment election for applicable entities otherwise eligible for relief that previously filed a return and received a notice that their election was ineffective because the return on which it was made was filed after the due date of the return.

Revenue Procedure 2024-39 will be in IRB: 2024-45, dated November 4, 2024.

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