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December 17, 2020

IRS delays private foundations' mandatory e-filing of Form 4720

In Notice 2021-01, the IRS (1) delays the requirement that private foundations file Form 4720 electronically and (2) announces that it intends to remove Reg. Section 53.6011-1(c) because legislative changes made to IRC Sections 6104 and 6033 have made it unfeasible for a private foundation and another person to jointly file the same Form 4720 electronically. The IRS expects to publish a modified paper version of Form 4720 at the beginning of 2021; Notice 2021-01 allows private foundations to continue filing the paper version of the form until an electronic Form 4720 is available and the IRS requires use of the electronic version (also expected to be in early 2021).