Friday, October 8, 2010

Small Nonprofits in Danger of Losing Their Tax-Exempt Status

From Guidestar:

"Time is running out for small nonprofits facing loss of tax-exempt status because they have not filed Form 990-N or Form 990-EZ for three consecutive years. The deadline for the IRS's one-time filing relief program is October 15, 2010. After that, nonprofits that (1) are required to file a 990 and (2) whose filings are at least three years in arrears will automatically lose their exemptions. To regain tax-exempt status, they will have to apply to the IRS all over again, a process that can take several months and requires payment of fees."



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