As you may know, the IRS temporarily shut down the e-file system for 990-T, 1120-POL, and extension Form 8868 in January for technical maintenance.
On March 18, 2024, the IRS opened the e-file system, which means you can now start e-filing the tax returns mentioned. Read through this blog to get more information on this.
IRS E-file Shutdown – A Quick Recap
Just after the new year started, the IRS announced that its e-file system for Form 990-T, 8868, and 1120-POL had been temporarily shut down, and filers could no longer e-file these forms until March 17, 2024.
- Form 1120-POL, known as the U.S. Income Tax Return for Certain Political Organizations, functions as the means through which political entities disclose their financial particulars to the Internal Revenue Service (IRS), including income, deductions, gains, losses, and other pertinent financial data.
- Form 990-T, or the Exempt Organization Business Income Tax Return, is used by tax-exempt entities to report and remit taxes on specific types of unrelated business income. Unrelated business income pertains to revenue generated from activities that do not directly align with the organization’s tax-exempt purpose.
- Form 8868, titled the Application for Extension of Time To File an Exempt Organization Return, grants tax-exempt organizations an extension for submitting their annual information returns. For organizations needing additional time to gather essential financial data or other required information for filing 990 series forms, Form 8868 provides a means to request an extension, thereby enabling them to defer the filing deadline.
Though these kinds of temporary shutdowns are more common, this sudden shift brought many challenges for nonprofits and tax professionals. Especially, for those with deadlines on this period.
990-T in particular, is one form for which the IRS doesn’t accept paper filing. If any organization had its 990-T deadline in this period had to request an extension using Form 8868. However, since the e-filing option was not available for 8868 as well, the filers had to file it on paper, which could have been tedious. Furthermore, the organizations with extended 990-T deadlines in this period had no option other than waiting until the e-file system reopens.
The filers of 1120-POL also would have faced similar challenges, shifting from efficient e-filing to traditional tedious paper filing.
E-filing is Back!
Now, the filers who have been waiting for the reopening of the IRS e-file system have a piece of good news! The system is now open, and they can go ahead and e-file their returns with ease.
Tax990 is here to make the e-filing process more efficient and straightforward. If your organization needs to file 990-T, 1120-POL, or the extension Form 8868, you can simply get started with Tax990, add organization details, choose tax year, fill out the form, review and transmit it to the IRS.
The IRS-authorized e-file provider offers numerous exclusive features that make the e-filing experience as seamless as possible. Get Started Today!
