IRS Asks Tax-Exempt Entities to File Returns Before May 15 Deadline

The Internal Revenue Service (IRS) asked thousands of tax-exempt organizations on Monday to file their returns ahead of the deadline next week. Although tax-exempt organizations are excluded from income taxation, they are generally required to file annual returns detailing incomes and expenses. “The annual filing due date for certain returns filed by tax-exempt organizations is normally by the 15th day of the 5th month after the end of an organization’s accounting period. Those operating on a calendar year (CY) basis must file a return by May 15,” the IRS said in a May 6 press release. Returns that are due by the date include forms 990, 990-EZ, 990-PF, 990-N, 990-T, and 4720....