In May, the IRS began revoking tax-exempt status from nonprofits that had failed to file required returns (including the on-line postcard Form 990-N) for 2007, 2008, and 2009. According to a free report from Guidestar, 300,000 nonprofits could lose their status.
Is your favorite non-profit at risk? If your business, like ours, is involved in the community, you’ll want to check. The IRS has published a list.
The good news is that there’s a “one-time relief program.” Organizations can preserve their status by filing returns by October 15, 2010.
If you’re involved with a nonprofit organization of any type, make sure they’re aware of the IRS actions, and the deadline to file returns if they have not done so!
Janet Fifer is an associate principal in the Estate, Trust and Exempt Organizations department at Kaufman, Rossin & Co., one of the top CPA firms in the Southeast. She can be reached at firstname.lastname@example.org.