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7:37 AM, Jul. 20, 2007
New IRS reporting for even small nonprofits
(view similar articles on Non Profit Organizations)
HomeschoolCPA has been hearing about this new IRS reporting requirement for a while now.
If your organization gets a letter from the IRS, DO NOT ignore it. If you do not reply and file an electronic postcard as the IRS requests, your organization can lose its hard earned tax exempt status.
If you are unsure if your organization is tax exempt, go to the IRS website at www.irs.gov/eo and use the Search for Charities (left panel) to look up your group. Use your official, legal name.
1. Many Small Tax-Exempt Organizations Have New Information Reporting Requirement
| The IRS is mailing educational letters this month to more than 650,000 small tax-exempt organizations that may be required to submit a new annual notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ. Exempt organizations with receipts of less than $25,000 will need to file the e-Postcard in 2008. Get more information in news release IR-2007-129. |
Of course if you have any questions, do not hestitate to send me an e-mail at carol@homeschoolcpa.com
Carol
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