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Thousands of non-profits could unwittingly lose tax status
Hundreds of thousands of small non-profits, from Little League teams to community soup kitchens, could lose their tax-exempt status on Monday because of an IRS filing requirement.
The 2006 Pension Protection Act included a provision requiring all non-profits to file an annual return with the IRS.
Previously, non-profits with annual revenue of less than $25,000 were excluded. Non-profits that fail to file a return for three consecutive years lose their tax-exempt status. On May 17, the three-year clock runs out for non-profits that haven’t filed a return since 2007.
By Sandra Block, USA TODAY
Full Story: http://www.usatoday.com/money/perfi/taxes/2010-05-14-charity14_ST_N.htm
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