- Community
- Research
- Forms, Rates & Tables
- Government
- Executive
- Judicial
- Legislative
- Treasury
- Comments
- Continuing Professional Education
- Determination Letter
- Email Chief Counsel Advice
- Exempt Organizations Update
- Field Service Advice
- Forms and Instructions
- General Counsel Memoranda
- IRS Announcements
- IRS Fact Sheet
- IRS Forms
- IRS Legal Memoranda
- IRS Notices
- Information Release
- Internal Revenue Code
- Letter Rulings
- Publications
- Regulations
- Revenue Procedures
- Revenue Rulings
- Technical Advice Memoranda
- Treasury Decisions
- Management
- Marketing
- Planning
- News
- Articles
- Case Studies
- Technical Reports
The IRS Reminds Tax-Exempt Organizations of All Sizes to File the Form 990 on Time to Preserve Their Tax Exempt Status
The IRS Reminds Tax-Exempt Organizations of All Sizes to File the Form 990 on Time to Preserve Their Tax Exempt Status
Summary
The Internal Revenue Service today reminded tax-exempt organizations to make sure they file their annual information form on time. In 2010 the tax-exempt status of any non-profit that has not filed the required form in the last three years will be revoked.
Full Text:
WASHINGTON — The Internal Revenue Service today reminded tax-exempt organizations to make sure they file their annual information form on time. In 2010 the tax-exempt status of any non-profit that has not filed the required form in the last three years will be revoked.
The Pension Protection Act of 2006 requires that non-profit organizations that do not file a required information form for three consecutive years automatically lose their Federal tax-exempt status. This requirement has been in effect since the beginning of 2007.
A list of revoked organizations will be available to the public, as well as state charity and tax officials on this website.
If an organization loses its exemption, it will have to reapply with the IRS to regain its tax-exempt status. Any income received between the revocation date and renewed exemption may be taxable.
Small non-profit organizations with annual receipts of $25,000 or less can file an electronic notice, Form 990-N (e-Postcard). They will need only a few basic pieces of information to file: the organization’s employer identification number, its tax year, legal name and mailing address, any other names used, an Internet address if one exists, the name and address of a principal officer and a statement confirming the organization's annual gross receipts are normally $25,000 or less.
Tax-exempt organizations with annual receipts above $25,000 are required to file the Form 990 or the Form 990-EZ annually. Private foundations file Form 990-PF. Churches and integrated auxiliaries of churches are not required to file Form 990-series returns or notices.
Form 990-series returns and e-Postcards, are due by the 15th day of the 5th month after an organization’s tax year ends.
Churches - Don't Ignore 990 Request
While churches are exempted from the 990 filing requirements, if they receive notice from the IRS of a 990-N or other 990 filing requirement, they should respond to the IRS appropriately, so as to avoid their exemption being automatically revoked. They should not just ignore it and assume that the IRS knows that they are a church, as it may not be clear from the organization's name or original exempt determination.Tax Deductions
One good thing about taxes is that the money that you are paying for taxes could contribute to the relief for Haitians. Tax season is coming up, and this year I'm going to itemize deductions. Most people whine endlessly about paying their taxes, tea partying and so forth, but the grand comedy is that hardly anyone actually does the good work and gets the most tax deductions they actually can. For instance, depending on what state you live in, there are portions of sales tax you can deduct.Tax exempt status
Yes instead of filing 990 what if the taxpayer files a 8899 (Doner of Intellectual Property). This exchange would provide for the safeguard of the originator and the tax revenue.Some exemptions found
Some exemptions found here: http://www.irs.gov/charities/article/0,,id=152729,00.htmlChurches Not Filing
While not stated in this article, there must be an exemption from the 3 year filing or revocation for churches that are not required to file.