SOURCE: GuideStar USA, Inc.
June 28, 2010 15:10 ET
Failure to Book May Lead to Loss of Tax-Exempt Status
WASHINGTON, DC and WILLIAMSBURG, VA–(Marketwire – June 28, 2010) – GuideStar, the arch antecedent of nonprofit information, encourages any absolved alignment whose budgetary year ends June 30 to verify that it is adjustable with IRS advertisement requirements in adjustment to advance its exemption.
Most tax-exempt organizations except churches are appropriate to book an anniversary advice acknowledgment (IRS Form 990-N, 990-EZ, 990, or 990-PF). Organizations appropriate to book that abort to do so for three after years will automatically lose tax-exempt status, as allowable by a accouterment of the Pension Protection Act of 2006.
The borderline for filing Form 990 and its variants is bent by the end of the filing organization’s budgetary year. The filing borderline for an alignment whose budgetary year ends on June 30, 2010, is November 15, 2010.
“The aboriginal time the aishment accouterment of the Pension Protection Act was put in aftereffect was aftermost May, back allotment for organizations whose budgetary year concluded December 31, 2009, were due,” said Bob Ottenhoff, GuideStar’s admiral and CEO. “We abstruse again that bags of nonprofits, decidedly abate ones, did not apprehend they bare to book and were at accident of accident their exemptions. That’s why GuideStar created a nonprofit ability centermost about the revocations. Nonprofits can use the ability centermost to break up to date on what they charge do in agreement of filing an anniversary advice return.”
An organization’s anniversary gross acquirement and assets actuate which adaptation of the 990 it charge file. Filing extensions are accessible for Forms 990-EZ, 990, and 990-PF, but not for Form 990-N. (See the accompanying table.)
GuideStar’s nonprofit ability centermost provides an overview of the revocations affair and several quick links, including ones to a Form 990-N filing cachet database, the mechanics of filing Form 990-N, filing exceptions, filing thresholds, filing deadlines and extensions, and IRS and GuideStar aishment FAQs. The ability centermost is adapted as new developments accompanying to the revocations occur.
“We achievement every absolved alignment will use these assets to ensure that they are not at accident of accident their exemptions for abortion to book an anniversary return,” Ottenhoff said. “Nonprofits comedy basic roles in our society, and accident tax-exempt cachet will aching not alone the organizations but additionally the causes and bodies they serve.”
GuideStar, www.guidestar.org, connects bodies and organizations with advice on the programs and affairs of added than 1.8 actor IRS-recognized nonprofits. GuideStar serves a advanced admirers central and alfresco the nonprofit sector, including alone donors, nonprofit leaders, grantmakers, government officials, bookish researchers, and the media.
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