If you run a tax-exempt organization that is required to file annual reports with the Internal Revenue Service, beware of the May 15th deadline, which if ignored, could result in the revocation of your tax exemption.
Starting 2007, the Pension Protection Act of 2006 imposed a new annual filing requirement on small organizations.Additionally, most tax-exempt organizations are required to file annual Form 990-series information returns or notices with the IRS.Failure to file reports for three consecutive years will cause the revocation of an organization’s tax exempt status.Churches and church-related organizations are not required to file annual reports.
Because Form 990-series information returns and notices are due on the 15th day of the fifth month after an organization’s fiscal year end, since most use a calendar year, this makes the May 15th a deadline for most tax-exempt organizations.
Smaller tax-except organizations with average annual receipts of $50,000 or less may file a noticed called Form 990-N (e-Postcard) which reports only a few basic pieces of info.Those with more than $50,000 in income must file Form 990 or 990-EZ.Private foundations use Form 990-PF.
The IRS offers an online search tool, Exempt Organizations Select Check, to help users more easily find key information about the federal tax status and filings of certain tax-exempt organizations, including whether organizations have had their federal tax exemptions automatically revoked.
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