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3:59 PM, Apr. 24, 2007
IRS requires annual reporting from ALL exempt organizations
(view similar articles on Non Profit Organizations)
I knew it was coming. The IRS now wants an annual reporting from ALL tax exempt (501c3) organizations-even the small ones. It used to be if an organization's gross revenues were under $25,000 a year, they didn't have to report anything to the IRS. Starting in 2008, the IRS wants an annual report from every organization.
At least it looks pretty simple. The IRS is asking for an electronic postcard with the following information:
- Organiation Name
- Address
- Website
- Director's name
- EIN (Employer Identification Number)
- Statement that the organization had less than $25,000 gross revenues.
Here's some details:
Beginning in 2008, small tax-exempt organizations that previously were not required to file returns may be required to file an annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ. This filing requirement applies to tax periods beginning after December 31, 2006.
The IRS will mail educational letters starting in July 2007 notifying small tax-exempt organizations that they may be required to file the e-Postcard. The IRS is developing an electronic filing system (there will be no paper form) for the e-Postcard and will publicize filing procedures when the system is completed and ready for use.
Here's a link to a Q&A page from the IRS http://www.irs.gov/pub/irs-tege/epostcard_faqs_final.pdf
Your small tax exempt organization should be getting information from the IRS beginning this summer. It you are confused about what to report, feel free to contact me. I'll be posting information on my website as it becomes available.
DO NOT ignore this requirement. Failure to report could mean you'll lose your hard earned 501c3 tax exempt status.
Carol
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