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Tax Deadline for Nonprofits and Foundations is Now July 15th

In response to the coronavirus pandemic, the Internal Revenue Service announced that nonprofits and foundations will have more time to file their informational tax returns (Form 990 series returns). Non-profits with tax deadlines of April 15 to July 14th will now have until July 15th to file their tax returns with the Internal Revenue Service.

Notice 2020-18 released last Friday had already allowed taxpayers to delay tax filing and payment originally due between April 15 until July 15th, 2020 to July 15th.

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Managing Temporarily Restricted Funds

Often non-profit organizations will receive a contribution with an indication from the donor noting those funds are to be used for a specific time or purpose. This a restricted contribution,