Thousands Of Small Nonprofits To Lose Tax-Exempt Status After Oct. 15
The Internal Revenue Service will revoke the tax-exempt status of tens of thousands of nonprofits nationwide on Oct. 15 if the charities fail to file the Form 990, The Nonprofit Times reported Tuesday.
Form 990-N, also known as the e-Postcard, requires only eight basic items about a nonprofit: the employer identification number (EIN); tax year; legal name and mailing address; any other names the organization uses; name and address of a principal officer; Web site if the address has one; confirmation that annual gross receipts are normally less than $25,000, and, if applicable, a statement that the organization is out of business, or going out of business.
The deadline, which was initially set for May 15, 2010, is a requirement set forth in the Pension Protection Act of 2007. At-risk charities are listed by state on the IRS' website.
An estimated 321,000 organizations are in danger of losing tax exemptions.
Read more at The Nonprofit Times.