Wednesday, May 31, 2017

Tax Day for Citizens Abroad is Coming Up!

Everyone knows Tax Day is in April. Well, unless you get an extension of time to file with Form 4868, that is.

But did you know some Americans automatically receive a two-month extension each year, making their tax day June 15th instead? And unlike the Form 4868 extension, those who receive this extension also have the extra two months to pay any taxes owed. Unfortunately, though, this isn’t something just anyone can apply for: it can only be used by U.S. citizens and residents abroad.

Those who are eligible for this two-month extension include
  • Those living outside the United States and Puerto Rico whose main place of business is also outside the U.S. and Puerto Rico and
  • Those in the military or naval service who are on duty outside the U.S. and Puerto Rico.
    • If you’re serving in a combat zone or qualified hazardous duty area, see this IRS publication for more info on deadline extensions for your taxes.

If you’re married and filing a joint return, either you or your spouse can qualify for this extension and receive more time to file. However, if you file separately, only the spouse who qualifies for the extension may get two more months to file.

So if the above conditions apply to you, your personal tax deadline is June 15, 2017, for the 2016 tax year. To avoid any confusion or late fees, attach a statement to your return explaining which situation qualifies you for the extension.

You can find more info about this extended tax day deadline here! And be sure to stay tuned with ExpressIRSForms for all your tax-filing information!

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Wednesday, May 10, 2017

There's Another IRS Deadline Soon!

Have you ever volunteered for a nonprofit or charity? Chances are, it was a 501(c)(3) organization recognized as tax-exempt by the IRS. But did you know that even tax-exempt organizations have to report to the IRS every year?

Well, head’s up: they do and their main deadline is coming up!

In order to confirm that they’re still operating within the regulations for tax-exempt organizations with the IRS each year, these groups must file one of the forms in the 990 Form Series. And their deadline to have their 990 Form filed is the 15th day of the fifth month after their tax year end date. So, for organizations that follow a calendar year tax year - which runs from January 1 to December 31 - that deadline is May 15!

Curious to know more about the 990 Forms? Well, we’ll tell ya! First, there’s the one that started it all: the 990 Form, also known as the 990 Long Form. This one’s filed by organizations that receive $200,000 or more in gross receipts for the year or those with more than $500,000 in total assets. A lot of information is needed for the 990 Long Form to confirm such large amounts of money are being used for the organization’s tax-exempt purpose.

Slightly less in-depth is the 990-EZ Form, which is filed by organizations that receive between $50,000 and $200,000 in gross receipts annually. Not as much information is needed to complete Form 990-EZ, but filers should still be prepared to provide thorough data on their contributions, expenses, assets, etc. to complete the form.

For those tax-exempt organizations that make fewer than $50,000 in gross receipts annually - which is the majority of them - there’s the Form 990-N, also known as the e-Postcard. It gets this name because it’s an online-only form that must be e-filed either with the IRS directly or through a third-party, IRS-authorized e-file provider (psst…like ExpressTaxExempt!). With the 990-N, all filers need to do is provide their organizations basic identifying information (name, EIN, address, contact), confirm that they made less than $50,000 and are still operational, and submit the return.

Now, based on how they’re set up and receive donations, some tax-exempt organizations fall under the category Private Foundation. These organizations, regardless of their total gross receipts, must file Form 990-PF.

And now for the best part: all of these forms are available to e-file more easily than ever with our sister product, ExpressTaxExempt! They even have the extension form for the 990 Series, Form 8868, so users can get an automatic 6 extra months to file if they need it. So why not pop on over to their website and check ‘em out? Or, if you want, give us a call and we’ll put you right in touch with them to answer any questions you may have!

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