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Wednesday, April 28, 2010

Nonprofit To Do List - File Form 990

Starting next month, nonprofits that have failed to file their Form 990, Form 990-EZ, Form 990-N or Form 990-PF for the last three consecutive years will lose their exempt status. Once the IRS revokes a nonprofit's exempt status under this rule, then the only way for that group to have its exempt status reinstated it is to go through the application process all over again.

And as the IRS points out online, losing nonprofit status has significant consequences. First, the organization will have to file income tax returns and pay income tax. Second, and most importantly for its supporters, donations to the group will no longer be deductible.

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1 comment:

Unknown said...

"In Union there is Strength"
~Real equality, love, hope and order for all Haitians~

Jim Sorrell
Spokane, WA