Wednesday, January 23, 2008

IRS Announces New Filing Requirement for Small Exempt Organizations

The IRS announces on its website that, for tax years beginning after December 31, 2006, small tax exempt organizations will have to file annual reporting information.  here is an excerpt from the announcement about the new annual electronic notice, Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ:

Small tax-exempt organizations, whose gross receipts are normally $25,000 or less, are not required to file Form 990, Return of Organization Exempt From Income Tax, or Form 990-EZ, Short Form Return of Organization Exempt from Income Tax. With the enactment of the Pension Protection Act of 2006 (PPA), these small tax-exempt organizations will now be required to file electronically Form 990-N, also known as the e-Postcard, with the IRS annually. Exceptions to this requirement include organizations that are included in a group return, private foundations required to file Form 990-PF, and section 509(a)(3) supporting organizations required to file Form 990 or Form 990-EZ. In addition, this filing requirement does not apply to churches, their integrated auxiliaries, and conventions or associations of churches.

For the entire announcement, go to the IRS website at www.irs.gov.

http://lawprofessors.typepad.com/nonprofit/2008/01/irs-announces-n.html

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