The US Internal Revenue Service (IRS) has granted certain applicable entities that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organisation Business Income Tax Return, with relevant schedules and forms.
The announcement was made in Revenue Procedure 2024-39 and a corresponding news release (IR-2024-267) on 11 October 2014.
This relief means that applicable entities that were required to but did not file a timely extension on Form 8868, Application for Extension of Time to File an Exempt Organisation Return, will be granted a six-month automatic extension of time to file a Form 990-T for purposes of making an elective payment election from the original return due date.
The document also provides a procedure to follow if an applicable entity entitled to this relief receives a notice that their election was ineffective because the return on which it was made was filed after the due date of the return and on or before the automatically extended due date provided under the revenue procedure.
In addition to the six-month automatic extension of time to file for certain applicable entities, this revenue procedure temporarily waives the requirement to make an elective payment election on an electronically filed Form 990-T, allowing applicable entities that would otherwise be required to file Form 990-T electronically to make an elective payment election on a paper-filed Form 990-T if they follow certain procedural requirements.
The relief provided in this revenue procedure applies to applicable entities described above that are filing a Form 990-T to make an elective payment election for a taxable year ending on any day from 31 December 2023 through 30 November 2024.