The IRS recently released a revised Form 8868 reflecting an automatic six-month extension of time to file as required by “Highway Bill” of 2015.
Read Form 8868 (rev. January 2017), Application for Extension of Time to File an Exempt Organization Return.
Previously, exempt organizations qualified for an automatic three-month extension and could request an additional three-month extension, granted at the IRS’s discretion. This was revised by a provision of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Highway Bill”).
The new automatic six-month extension affects taxpayers filing the following returns for tax years beginning after December 31, 2015:
This recent form release may create uncertainty as to whether taxpayers may use the recently revised Form 8868 for tax years beginning before January 1, 2016. However, in informal conversations with KPMG tax professionals, IRS officials have suggested that taxpayers need to continue to use the prior Form 8868 (rev. January 2014) for such tax years.
In requesting an extension of time to file an exempt organization return for a tax year beginning before January 1, 2016, taxpayers are to follow the procedures previously in place and request an automatic three-month extension on the prior version of Form 8868 (rev. January 2014). Taxpayer that need additional time may request an additional three-month extension.
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Greg Goller | +1 703 286 8391 | email@example.com
Alexandra Mitchell | +1 202 533 6078 | firstname.lastname@example.org
Randall Thomas | +1 202 533 3786 | email@example.com
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.