Make a Difference for Generations to Come

Make a Difference for Generations to Come

Ways You Can Give to Make a Difference

Planned Giving

About Bequests

You may be looking for a way to make a significant gift to help further our mission. A bequest is a gift made through your will or trust. It is one of the most popular and flexible ways that you can support our cause.

Learn More

IRA Charitable Rollover

An IRA rollover allows people age 70 1/2 and older to reduce their taxable income by making a gift directly from their IRA.

Learn More

Beneficiary Designations

A beneficiary designation gift is a simple and affordable way to make a gift to support our cause. You can designate our organization as a beneficiary of a retirement, investment or bank account or your life insurance policy.

Learn More

Charitable Gift Annuities

A charitable gift annuity is a great way you can make a gift to our organization and benefit. You transfer your cash or property to our organization and we promise to make fixed payments to you for life at a rate based on your age.

Learn More

Donor Stories

Learn how others have made an impact through their acts of giving to our organization and others. Explore the many benefits of charitable gift planning.

Learn More

Gift Options

SeniorServ Volunteer

Find out What to Give and learn about the best assets to make a planned gift. Learn about gifts of cash, securities and property. Learn How to Give and discover gift options that provide tax and income benefits. Discover the best planned gift to meet your goals.

Learn More
Text Resize
Print
Email
Subsribe to RSS Feed

Friday July 1, 2022

Washington News

Washington Hotline

IRS Advice for Late Filers, Extenders and Nonprofits

In a series of letters this week, the Internal Revenue Service (IRS) gave advice to late filers, those who have extended until October and nonprofits. Taxpayers who missed the April 18 filing deadline should file promptly. Those who filed for an extension have until October 17 to file. The nonprofit filing date is May 16, 2022.
  1. Automatic Filing Extension — There are several groups that qualify for an automatic extension. Military members serving in a combat zone have an extension of at least 180 days. Support personnel in the combat zone generally also qualify for this extension. Taxpayers who reside outside the United States usually qualify for a two-month extension. Finally, disaster victims in federal designated areas may qualify for an extension.
  2. Refunds Issued Without Penalty — Taxpayers who missed the April deadline but qualify for a refund may file without penalty. They are encouraged to use IRS Free File on the IRS.gov website. These individuals may benefit from the Earned Income Tax Credit, Child and Dependent Care Credit or Child Tax Credit. Some may also receive a 2021 Recovery Rebate Credit. The late–filers who use an electronic method will usually receive a refund within 21 days. The "Where's My Refund?" tool on IRS.gov is helpful in understanding the status of your refund.
  3. Reduced Penalties for Late Filers — If you have missed the filing deadline, you should still file your taxes and pay as soon as possible. The failure to file penalty is 5% of the tax owed for each late month, up to 5 months. If you file over 60 days after the April 18 due date, the minimum penalty is $435 or 100% of the unpaid tax, whichever is less. If you have filed and paid your taxes timely for the past three years and meet specific requirements, you may qualify for penalty relief. The penalty abatement page on IRS.gov offers additional information.
  4. Payment of Your Taxes — If you owe taxes, you may pay with an IRS Online Account, IRS Direct Pay, a debit or credit card, a digital wallet or you may apply online for a payment plan. If you pay electronically, you should receive a prompt confirmation by email.
  5. Extensions to October 17 — Taxpayers may file for a six-month extension until October 17, 2022. There are automatic extensions for military members in combat zones and taxpayers living outside the US. Many victims in specific areas of the nation with federally declared disasters may delay filing. Some individuals in Arkansas, Illinois, Kentucky and Tennessee who were in zones with tornadoes and flooding may delay filing until May 16, 2022.
  6. Nonprofit Organizations — The information and tax returns for tax–exempt organizations have a May 16, 2022 filing deadline. These organizations should file IRS Form 990, 990–EZ, 990–PF or 990–T by this date. The nonprofit forms must be filed electronically. Robert Malone, Director of Exempt Organizations and Government Entities stated, "To help exempt organizations comply with their filing requirements, the IRS provides a series of pre–recorded online workshops. These workshops are designed to assist officers, board members and volunteers with the steps they need to take to maintain their tax–exempt status, including filing annual information returns."
Editor's Note: If a nonprofit is not able to file by May 16, it should file IRS Form 8868, Application for Extension of Time. If tax is due for unrelated business taxable income, that payment is required by May 16. However, most organizations are permitted to obtain the six–month extension with no tax payments.

Published April 22, 2022
Print
Email
Subsribe to RSS Feed

Previous Articles

Top Seven Tax Refund Myths

IRS Maximum Staff Hiring Effort

Good News For Teachers

IRS Tax Tips on Credits and Payments

Record 2021 Income Tax Refunds Over $3,400

scriptsknown