On March 13, 2020, President Trump issued an emergency declaration, giving the Secretary of the Treasury authority to provide relief for tax deadlines due to the impact of COVID-19. The deadline for filing personal income taxes of April 15, 2020 was extended to July 15, 2020. In April, the IRS issued an additional notice which also extended the May 15, 2020 deadline for the filing of certain 990 documents to July 15, 2020.
Most nonprofits are required to file annual reports with the IRS, known as a Form 990. Those required to file 990 reports include tax-exempt groups, certain charitable trusts, as well as political groups. Organizations which meet certain asset requirements are required to file this report annually. Other organizations may only be required to file something as simple as a postcard, and the IRS now requires all 990 reports to be filed electronically.
These reports provide the IRS with oversight of the activities of the organization, including the finances, management, and compensation of certain employees paid by the group. Additional information may be required to be filed for certain nonprofits, depending on the activities and contributions to outside groups. In an election year, these filings are critical to provide transparency and oversight to the public, ensuring that non-profit groups comply with federal law.
