Did Your Nonprofit Lose Its Tax Status?

Posted: June 26, 2011 in Charities
Tags: , , , , , , , ,

This week more than 275,000 nonprofit organizations lost their tax-exempt status for failing to file annual financial forms. The IRS is enforcing a 2006 law requiring most tax-exempt organizations to file an annual return or notice with the agency. Those who failed to file for three straight years would lose their tax-exempt status. How does this affect donors?

Donations made to those affected groups, after the IRS published a list of names revealed on their website, will be taxable. However, the IRS expressed that they are willing to work with small groups who want their status reinstated. The IRS will take additional steps to help these groups maintain their tax-exempt status, without jeopardizing their operations or harming their donors.

If your nonprofit group or organization has be affected by the IRS tax-exempt status revoke, you still have a chance if you act soon. Contact the IRS to get more details on how your organization can be reinstated.

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