Hurricane Ian tax relief for exempt organizations

October 11, 2022 | Authored by RSM US LLP

TAX ALERT | October 11, 2022

Authored by RSM US LLP

For more information, contact Gregory Urban at gurban@dopkins.com.

Executive summary: IRS extends certain deadlines for taxpayers affected by Hurricane Ian

The IRS has granted relief to taxpayers located anywhere in Florida, South Carolina, and North Carolina, automatically extending certain deadlines to Feb. 15, 2023.

  • In Florida, deadlines falling on or after Sep. 23, 2022
  • In South Carolina, deadlines falling on or after Sep. 25, 2022
  • In North Carolina, deadlines falling on or after Sep. 28, 2022

Filing and payment relief

In response to FEMA’s disaster declaration in Florida, South Carolina, and North Carolina as a result of the impact of Hurricane Ian, the IRS announced tax relief to taxpayers in the affected areas, including automatic extensions of time to file Form 990-series returns and to make tax payments.

  • In Florida, deadlines occurring on or after Sept. 23, 2022, and before Feb. 15, 2023, are extended to Feb. 15, 2023.
  • In South Carolina, deadlines occurring on or after Sept. 25, 2022, and before Feb. 15, 2023, are extended to Feb. 15, 2023.
  • In North Carolina, deadlines occurring on or after Sept. 28, 2022, and before Feb. 15, 2023, are extended to Feb. 15, 2023.

Read the RSM Tax Alerts for Florida and the Carolinas.

Relief for other “time-sensitive” acts

In addition to extending the time to file return or pay taxes, the relief also extends to other “time-sensitive” acts as outlined in Rev. Proc. 2018-58:

  • Section 501(h) elections and revocations (Form 5768)
  • Community health needs assessments (CHNAs) and adoption of: implementation strategies under section 501(r)(3)
  • Applications for recognition of exempt status (Forms 1023, 1023-EZ, 1024, or 1024-A)
  • Notifications of intent to operate as a section 501(c)(4) organization (Form 8976)
  • Private foundations’ notification to the IRS of intent to terminate (or successful termination of) private foundation status
  • Political organization notices and reports (Forms 8871 and 8872)
  • Extension of the auto-revocation period for organizations that fail to file for three consecutive years
  • Group exemption holders’ notification to the IRS of the status of members in a group ruling

This article was written by Alexandra O. Mitchell and originally appeared on 2022-10-11.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/insights/tax-alerts/2022/hurricane-ian-tax-relief-for-exempt-organizations.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.

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Dopkins & Company, LLP 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 resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.

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For more information on how the Dopkins & Company, LLP can assist you, please call us at 716.634.8800.

For more information, contact

Gregory J. Urban CPA, CVA

Greg’s main focus is on providing tax consulting, compliance and valuation services to privately held businesses and their owners. He has extensive experience advising clients on complex tax compliance issues, including tax credit optimization, mergers and acquisitions.

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