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Recent Developments on Form 990 and Schedule H
By Children’s Home Society of Florida Foundation
In Announcement 2011-20; 2011-10 IRB 1 (23 Feb 2011), the IRS granted a three-month automatic filing extension for most tax-exempt hospitals.
Form 990 and Schedule H
Following the development of a new Form 990 Return for Charitable Organizations, the IRS published a comprehensive Schedule H for medical centers. With the passage of the Patient Protection and Affordable Care Act of 2010, both the IRS and many medical centers need additional time to properly prepare for filing of Form 990 with the Schedule H for medical centers.
As a result, the IRS indicates that the earliest permitted filing date for tax-exempt medical centers filing Form 990 and Schedule H will be July 1, 2010. This is the earliest filing date whether the filing is in paper form or electronic format.
Filing Extension Form 8868
For those medical centers with return due dates before August 15, 2011, there is an automatic three-month extension of time to file. This extension is available without filing Form 8868, Application for Extension of Time to File an Exempt Organization Return.
However, there may be new organizations that have not filed Form 990 Schedule H for tax year 2009. In this case, they may choose to file Form 8868 to clarify their intention to extend the deadline. If a medical center requires an additional three months to file, then it should file Form 8868.
Assessment
Finally, for those medical centers that qualify for this automatic extension, there will be no penalty if they file within the additional three-month period.
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Filed under: Accounting, Health Economics, Taxation | Tagged: 2011-10 IRB 1, ACA, Form 990, Schedule H, tax-exempt hospitals |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
IRS EXTENDS FILING DEADLINE FOR FORM 990 TO MARCH 30 FOR SOME TAX-EXEMPT ORGANIZATIONS
The IRS has announced that tax-exempt organizations with January and February filing due dates have until March 30, 2012, to file their annual returns. The extension was made because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will be off-line during January and February.
In general, the extension applies to tax-exempt organizations whose normal filing deadline is either Jan. 17 or Feb. 15, 2012. Ordinarily, these deadlines would apply to organizations with a fiscal year that ended on Aug. 31 or Sept. 30, 2011, respectively. The extension also applies to organizations that already obtained an initial three-month filing extension and now have an extended filling deadline that falls on Jan. 17 or Feb. 15, 2012. The majority of tax-exempt organizations will be unaffected by this extension because they operate on a calendar-year basis and have a May 15 filing deadline.
The extension applies to affected organizations filing Forms 990, 990-EZ, 990-PF, or 1120-POL. Form 990-N filers will not be affected. No form needs to be filed to get the March 30 extension.
In order to avoid receiving a late filing penalty notice, a reasonable cause statement should be attached to the tax return. If organizations receive late-filing penalty notices, they should contact the IRS so that these penalties can be abated. The IRS encouraged these organizations to consider either e-filing early – before the end of December – or waiting until March to file electronically.
Source: http://www.garfunkelwild.com/
Further details are in Notice 2012-4, posted on http://www.IRS.gov
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Tax-Exempt Hospitals Face Increasing Tax Scrutiny
In recent years, nonprofit hospitals have been facing increasing regulatory scrutiny as federal, state, and local/regional taxing authorities are challenging whether some tax-exempt hospitals are providing sufficient charity care to warrant their tax-exempt status.
Generally, nonprofit hospitals that qualify for a tax-exempt status are excused from paying most income taxes, property taxes, and other taxes.
In return, these hospitals are expected to provide a charitable benefit to the community in which they serve, including, for example, charity care for the poor.
Read more… http://www.healthcapital.com/hcc/newsletter/03_14/Tax_Exempt.pdf
Robert J. Cimasi MHA CVA CMP™
http://www.HealthCapital.com
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