Ral315 wrote:
I had a few questions regarding the
Question-and-Answer page, regarding Form
990. The current plan is to publish Form 990 by mid-February, it seems --
did the Foundation received an extension again this year? With an
extension, the deadline would be February 16, rather than November 17 -- I'm
assuming that's what happened.
Also, while extensions are granted fairly liberally, is it normal practice
to receive extensions on an annual basis?
Yes, extensions are routine all around. I think at one point it was
mentioned that some organizations or their auditors deliberately push
back filing Form 990 until the last possible moment, although I doubt we
want to make that our philosophy. But really it's much like any other
tax filing, including personal income taxes. The IRS is less concerned
about promptness in filing, as long as you obtain the proper extension,
than about the filing being correct. (What you don't get an extension
for, of course, is actual payment of any tax you owe.)
Anyway, our first priority was completing the audit itself rather than
completing Form 990, so we're using a routine extension. I believe the
last one was not filed until this past May, as the previous audit was
also considerably delayed, so we're making progress on the timetable. I
don't anticipate any serious difficulties or big surprises with the next
Form 990, but it will still need time to prepare and review.
--Michael Snow