If you have not filed a a form 990 for the last three years you may be in trouble. If you work with a nonprofit and have just asked yourself, “what is a 990?” read this and these, then come back. But since this is the Not-For-Profit Accounting blog devoted nonprofit accounting issues I’ll assume my readers know all about 990s. But there may be folks new to the sector out there, maybe you know a new board member, so please pass this information on to them.
As this press release from Guidestar says,
The IRS will begin revoking exemptions on May 16, 2010, but will wait until 2011 to send revocation notices.
If you miss the first filing deadline for 2009 990s of May 15 2010 (the deadline for nonprofits who have calendar year fiscal years that end on December 31) the IRS will start pulling exceptions in six months or so. More about that from the IRS can be found here, and the details on filing thresholds so you know which form to file and dues dates for your returns can be found here.
[...] admin wrote an interesting post today. Here’s a quick excerptBut since this is the Not-For-Profit bAccounting/b blog devoted nonprofit baccounting/b issues I’ll assume my readers know all about 990s. But there may be folks new to the sector out there, maybe you know a new board member, so please pass … [...]
The 990EZ is such an easy form that there is no reason to not file. Better get it done before you lose the exemption.
I agree…the 990EZ is not that tough to do. If you don’t get it filed timely you will have penalties and may even find you tax exempt status revoked if you are substantially late. Just get it done.
I wouldn’t want to be one of the companies getting a revocation notice. Good luck trying to get around that one.
It’s amazing that people just procrastinate. Get it done before you lose your exemption.
Yes…people just want to push it off. Just don’t lose that exemption.