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:
Contact Us
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.
Nonprofits invest for many reasons. Some want to generate income to support annual programs. Others…
Nonprofit organizations that receive federal funding often take on added financial and compliance responsibilities. For…
Employee benefit plans (EBP) are important tools for employee recruitment and retention. They also come…
The IRS has recently clarified that plan sponsors will have additional time to adopt certain…
Nonprofits often manage several programs at the same time. Each may have its own funding…
The Treasury Department and IRS have proposed regulations that would limit access to the refundable…