While most of the attention around the COVID-19 emergency has been focused on business relief, protection and funding programs, it’s important to also consider nonprofits. In March 2020, the IRS announced that business and individual taxpayers would receive a 90-day income tax filing and payment extension, with penalties and interest waived. Shortly thereafter many states followed suit issuing similar extensions. While needed to allow the focus to shift to pressing COVID-19 matters, there were other taxpayers left without similar extensions. On April 9, 2020, the IRS issued Notice 2020-18 which provides broad extensions for filing and payment deadlines falling on or after April 1, 2020, and before July 15, 2020. The good news is this change applies to many nonprofits offering important relief.
The extensions apply to those organization filing:
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The tax deadline extension will permit nonprofits additional time to submit necessary filings and related payments. If you have questions about the extension or need assistance with a tax credit analysis or planning issue, Wilson Lewis can help. For more information call us at 770-476-1004 or click here to contact us.
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