Article Archives >> Ready Reference >> November 1-30, 2007
Preview of Article:
Small Nonprofits Must File
E-Postcard to Retain Exemption
IRS issues Temporary Regs for new requirements
for first wave of Form 990-N reports due May 15, 2008
The IRS has issued a set of Temporary Regulations (§1.6033-6T) and a series of information releases to cover procedures for the new annual reporting requirements for small nonprofits enacted in the Pension Protection Act of 2006. (See Ready Reference Page: “Congress Passes Charitable Reforms.”)
The rules require small nonprofits that had previously been exempt from filing a Form 990 or 990-EZ because their receipts are normally less than $25,000 to file a new Form 990-N electronically to confirm that they still exist and carry on activities. A group that fails to file for three consecutive years will lose its exempt status.
The statute takes effect for fiscal years beginning after December 31, 2006, and will first effect those organizations on a calendar fiscal year ending December 31, 2007. Their reports will be due by May 15, 2008.
Article Archives >> Ready Reference >> November 1-30, 2007
