The Pension Relief Act of 2006 made two important changes affecting tax-exempt organizations, effective the beginning of 2007. First, it mandates that virtually all tax-exempt organizations, other than churches and church-related organizations must file an annual return or submit an electronic notice with the IRS. This is a significant change to prior law where many small not-for-profits, including most local orchid societies, were exempt from filing requirements. Second, the law also requires that any tax-exempt organization that fails to file for three consecutive years automatically loses its federal tax-exempt status.
Even after an extensive outreach effort on the part of the IRS many small not-for-profits are on the verge of losing their tax exemption for failure to comply with reporting requirements. Don’t let your organization be one of them. The deadline to comply is October 15, 2010. You can find important information on one-time filing relief for small tax exempt organizations that failed to file for three consecutive years at www.irs.gov/charities/article/0,,id=225702,00.html
If you are unsure whether an organization to which you belong is at risk, the IRS maintains a list of those non-compliant organizations, arranged by State, at www.irs.gov/charities/article/0,,id=225889,00.html
There isn’t much time left.
DON’T LET YOUR ORGANIZATION LOSE ITS VERY IMPORTANT TAX-EXEMPTION.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment