New tax filing deadlines, tax provisions concerning exempt organizations

Tax filing deadlines, provisions concerning exempt orgs

President Obama on July 31 signed into law the “highway bill”—H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015—that extends the highway trust fund authorization through October 29, 2015, and provides $7 billion in additional funding. The new revenue is provided by a number of compliance-related tax provisions, including a provision changing tax filing deadlines and requiring the IRS to modify certain regulations governing due dates and extensions for returns for tax years beginning after December 31, 2015.

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Exempt organizations

Provisions of particular interest to exempt organizations include requiring the following modifications to the regulations:

  • The maximum extension for the returns of organizations exempt from income tax filing Form 990 (series) will be an automatic six-month period ending on November 15 for calendar year filers.
  • The maximum extension for the returns of employee benefit plans filing Form 5500 will be an automatic 3½-month period ending on November 15 for calendar year plans.
  • The maximum extension for the returns of organizations exempt from income tax that are required to file Form 4720, Returns of Certain Excise Taxes, will be an automatic six-month period beginning on the due date for filing the return (without regard to any extensions).

When these changes take effect in tax years beginning in 2016, exempt organizations generally will be able to fully extend the due date of their returns (e.g., November 15 for calendar year taxpayers and May 15 for taxpayers with a June 30 year-end) through filing only one six-month extension as compared to the current requirement to file two, separate three-month extensions.

 

Read more about the new legislation, including provisions about the new filing dates for partnerships and C corporations and extensions for numerous other forms, including FBARs and Forms 5227 at TaxNewsFlash-United States.

 

For more information, contact:

D. Greg Goller | +1 (703) 286-8391 | greggoller@kpmg.com

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