Friday, May 14, 2010

Exempt Organizations Need to File Form 990/990-EZ/990-N/990-PF by May 17

Most tax-exempt organizations must file an annual return or notice with the IRS. The Pension Protection Act of 2006 provided that if an organization does not file as required for three consecutive years, it automatically loses its tax-exempt status, effective the due date of the filing. The 2009 filing is the first year that the provision will come into effect. The due date for exempt organization returns is May 17th this year.

The IRS has posted new FAQs and an audio interview discussing the automatic revocation of tax-exempt status for failure to file. Also, the Urban Institute's National Center for Charitable Statistics has a searchable database available online to see if an organization is at risk of losing its tax-exempt status. This is a useful tool for checking to see if your organization needs to file a return.

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