May 13, 2010

Form 990: Even Tiny Nonprofits Must File Now or Else!

Incredibly, there are said to be hundreds of thousands of nonprofits out there who  haven't heard that on May 17, 2010, the IRS is set to revoke the 501(c)(3) status of tax-exempt organizations that haven't filed tax returns (Form 990) for the last three years.

The problem seems to be that many groups had never had to file Form 990 before, because their annual receipts were under $25,000. And they didn't notice the new law passed in 2006 saying that even these small groups had to at least file an "e-postcard" version of the form.

The LAST CHANCE date to file is: May 15, 2010.

For details, see Nolo's article, "Many Nonprofits Must File IRS Form 990-N to Stay Tax Exempt."