Nonprofits and COVID-19

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In a Notice 2020-66 the IRS has extended more tax deadlines to cover individuals, estates, corporations and others. This extension includes a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 and the deadline to claim refunds from 2016.

This notice is particularly relevant to nonprofit organizations.

  • Exempt organization business income tax and other payments and return filings on Form 990-T, Exempt Organization Business Income Tax Return (and proxy tax under Code Sec. 6033(e));
  • Excise tax payments on investment income and return filings on Form 990-PF, Return of Private Foundation or Code Sec. 4947(a)(1) Trust Treated as Private Foundation, and excise tax payments and return filings on Form 4720, Return of Certain Excise Taxes under Chapters 41 and 42 of the Internal Revenue Code; and
  • Quarterly estimated income tax payments calculated on or submitted with Form 990-W, Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations,

The Notice also suspends associated interest, additions to tax, and penalties for late filing or late payment until July 15, 2020.

SKR+CO Expert
Doreen Merz, CPA, Senior Tax Manager
Doreen has been in public accounting since 2000. Her specialties include nonprofits, partnerships and corporations.