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Exempt Organizations: Form 990s Due May 15 Have Not Been Extended

Client Alert
March 27, 2020

Although the IRS has automatically postponed the filing and payment deadline from April 15, 2020 until July 15, 2020 for most taxpayer returns, the IRS notice specifically does not apply to any Federal informational return.

Forms 990-T

Form 990-T is generally filed by an exempt organization to report certain unrelated business income.  If the exempt organization is required to file Form 990-T on April 15, 2020 then the deadline is automatically postponed until July 15, 2020 under IRS Notice 2020-18. A Form 990-T due on May 15, 2020 has not been postponed and will still need filed on May 15, 2020.

Forms 990, 990-EZ, and 990-PF

Forms 990, 990-EZ, and 990-PF are informational returns filed by exempt organizations annually with the IRS. Form 990 is due on May 15th of each year. IRS Notice 2020-18 does not apply to these information returns. Therefore, exempt organizations with a Form 990 filing date of May 15, 2020 are not afforded relief and will still need to file the return on May 15, 2020.

IRS Filing and Payment Deadlines Questions and Answers

The IRS has provided a filing and payment deadlines questions and answers on its website to assist taxpayers in understanding which returns and payments have been extended and which have not been extended. Those questions and answers are located at https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

For additional questions related to the tax exempt organizations, please contact BMD Tax Law Attorney Tracy Albanese at tlalbanese@bmdllc.com or (330) 253-9195.

Tax Exemptfiling deadlinepayment deadlineTax LawFederal informationTracy L. Albanese
Client Alert

Federal and Ohio Laws on Surprise Billing

January 18, 2022Beginning in January 2022, Ohio providers and healthcare facilities will need to comply with both the federal No Surprises Act (“NSA”) and the state surprise billing law (HB 388), which are both designed to protect patients from unexpected medical bills.Client Alert

New Year, New Laws, Old Form Documents? Exhibit A: Changes in Florida’s Real Estate Contracts

January 18, 2022Settling into a New Year often brings renewed energy into setting and pushing new goals of building business relationships, increasing sales, and moving Letters of Intent and negotiations into final, signed agreements. It’s all too easy to grab a form document off the Internet (Google, anyone?), or to pull the last document in your files as a template for your next agreement. However, changes in the law can take effect at the beginning of the calendar year, as well as mid-year or fiscal new year, and sometimes on a random date in between. Your awareness – or lack of awareness – in changes in the law can mean the difference between keeping you and your business operating within the law or putting you at great financial and legal risk for not complying with the law. It can also result in financial and time savings or additional burden in time and costs.Client Alert

Sports Betting Legal in Ohio

January 18, 2022Ohio has made sports betting legal with Governor DeWine signing House Bill 29 into law on December 22, 2021. The Casino Control Commission will regulate sports betting in Ohio and estimates that the launch date for sports betting will be January 1, 2023.Client Alert

Banking and Cannabis: Is it Legal

January 4, 2022Marijuana is still a Schedule 1 drug and is illegal under federal law. However, I am not aware of any federal banking law or regulation, or any other federal law or regulation, which explicitly makes it illegal for banks and other financial institutions to provide their traditional services to state legal cannabis businesses.Client Alert

Protections Under Federal and Ohio Law for Bona Fide Prospective Purchasers of Contaminated Property

November 17, 2021Most industrial/commercial property developers are generally aware of the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), often also referred to as “Superfund”. CERCLA, a United Stated federal law administered by the U.S. Environmental Protection Agency, was created, in part, because the U.S. Environmental Protection Agency recognized that environmental cleanup could help promote reuse or redevelopment of contaminated, potentially contaminated, and formerly contaminated properties, helping revitalize communities that may have been adversely affected by the presence of the contaminated properties. Commercial property developers should be aware that CERCLA provides for some important liability limitations for landowners that own contaminated property impacted by materials hazardous to the environment. It can also assist with landowners concerned about the potential liabilities stemming from the presence of contamination to which they have not contributed. In particular, CERCLA provides important liability limitations for landowners that qualify as (1) bona fide prospective purchasers (BFPPS), (2) contiguous property owners, or (3) innocent landowners.
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