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News EssentialsThe Newsroom TopicsIRS Resources | Issue Number: IR-2024-15Inside This IssueIRS: Update for Form 990-T, Form 1120-POL filers with upcoming deadlines; e-file unavailable for small number of organizations with earlier due dates An extension can be filed for both forms or paper file with Form 1120-POL WASHINGTON ̶ The Internal Revenue Service today alerted a limited group of tax exempt organizations that they won't be able to electronically file Form 990-T, Exempt Organization Business Income Tax Return, or Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations, until March 17, 2024. IRS system upgrades mean e-filing of Forms 990-T and Forms 1120-POL (including returns on extension) with due dates from Jan. 15, 2024, to March 15, 2024, are currently unavailable. The IRS notes previous filing data show only about 2,000 Forms 990-T and 1120-POL were electronically filed during this time period, with the vast majority of those involving 990-T. Entities needing to file in this timeframe should follow the below instructions. Taxpayers with due dates on April 15, 2024, and later will be able to e-file Forms 990-T and Forms 1120-POL on time. Returns due from Jan. 15, 2024, to March 15, 2024: • Form 990-T, Exempt Organization Business Income Tax Return Organizations subject to unrelated business income tax (UBIT) are required by law to file Form 990-T electronically. An organization with a Form 990-T due from Jan.15, to March 15, 2024, should request an automatic six-month extension of time to file by submitting Form 8868, Application for Extension of Time To File an Exempt Organization Return, by the due date of the return. The IRS estimates only about 2,000 of the 200,000 Form 990-T filers have a due date in this time period and are affected by this. Any balance due must be submitted with Form 8868 to avoid interest and penalties. Beginning March 17, 2024, organizations will be able to timely e-file Form 990-T by the extended due date. If an affected organization doesn't timely submit an extension, or if the extended due date falls within the period from Jan. 15, 2024, to March 15, 2024, and the organization consequently doesn't timely e-file its Form 990-T, it should include with its late e-filed Form 990-T a request that any penalties for late filing not be imposed due to reasonable cause. The reasonable cause request should reference that e filing was not available as of the due date of the return. • Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations Filing only to make an elective payment election for Clean Energy Credits In addition, under the law, an entity can't receive the elective payment amount before the original due date of the return. Filing before the original due date for the return will not shorten the time for payment. While government entities and Indian tribal governments that aren't subject to UBIT aren't subject to the electronic filing mandate, the IRS encourages all taxpayers to e-file. See the Elective Pay and Transferability FAQs on irs.gov for more information on EPE for Clean Energy Credits.
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