Form 990-T Electronic Filing Mandate Now in Effect

Source: RSM US LLP.  PBMares is a member of RSM US Alliance. 

TAX ALERT  | 

On March 15, 2021, the IRS announced in an Exempt Organizations Update that mandatory electronic filing of 2020 Forms 990-T, Exempt Organization Business Income Tax Return, begins March 16, 2021.

The Taxpayer First Act of 2019 (Pub. L. 116-25) mandated electronic filing of the Form 990-T (among other things) for tax years beginning after July 1, 2019. However, pending conversion of Form 990-T to electronic format, the IRS continued to accept paper returns through the 2019 version.

Beginning March 16, 2021, all 2020 Forms 990-T must be e-filed. The 2020 Form 990-T and instructions have been updated to reflect the mandatory e-filing requirement for 2020 returns with due dates on or after April 15, 2021. The IRS will accept completed 2020 Forms 990-T in paper format that were postmarked on or before March 15, 2021. Although the instructions suggest that limited exceptions apply to the e-file mandate, they do not detail what those exceptions might be.

Information about software providers supporting electronic filing of Form 990-T can be found on the Exempt Organizations Modernized e-File (MeF) Providers page.

If you have any questions about tax filings, please contact Edward T. Yoder, CPA, a tax partner on PBMares’ Not-for-Profit Team.


This article was written by Alexandra Mitchell, Morgan Souza and originally appeared on 2021-03-17.
2020 RSM US LLP. All rights reserved.
https://rsmus.com/what-we-do/services/tax/federal-tax/form-990-t-electronic-filing-mandate-now-in-effect.html

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each are separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. The RSM(tm) brandmark is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.

ABOUT THE AUTHOR(S):

RSM US AllianceRSM US Alliance

PBMares is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to the resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market.

The content of this post is accurate as of the date below. Always ensure you are reviewing the most recent information available. Contact your tax advisor if you need clarification.

2021-03-18T13:02:50-04:00March 17, 2021|Categories: Not-for-Profit|Tags: , |
Go to Top

As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.

Click to Continue