Non-Profit Organizations: Don’t Let The IRS Take Your Status Away! Heed this important deadline!

Posted: May 15, 2010 in Benevolent, Community Outreach
Tags: , , ,

As reported by Network for Good we came across some interesting information that could be critical to complying with the regulations of the IRS, that you don’t want to jeopardize your nonprofit status. Here is something interesting that we found listed on the IRS Website that you really need to know about:

“Most tax-exempt organizations, other than churches, must file a yearly return or notice with the IRS. If an organization does not file as required for three consecutive years, the law provides that it automatically loses its tax-exempt status. Loss of exempt status means an organization must file income tax returns and pay income tax, and its contributors will not be able to deduct their donations. The critical deadline is “May 17” for organizations that use the calendar year as their fiscal year. What must be filed this year depends on the organization’s financial activity.”

Please don’t allow your nonprofit status to be revoked for not responding in a timely manner to this very important deadline. Act today if you haven’t!

http://www.irs.gov/charities/article/0,,id=217087,00.html

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