New
Form 990-N for Small Exempt Organizations
Beginning
with the 2007 tax year most small tax-exempt organizations will be
required to file the new Form 990-N, an annual electronic notice
(e-postcard).
In
the past, organizations whose annual gross income was less than $25,000
were not required to file Form 990 or 990-EZ (Return of Organization
Exempt from Income Tax). However,
these organizations are now required to file Form 990-N, due the fifth
month after the close of the organization’s tax year.
The first filing deadline is May 15, 2008, for calendar year
organizations.)
There will be no paper form 990-N; this form can only be filed
electronically. The Form 990-N
will require the following information:
-
Organization's
name; mailing address; website address; federal ID number (EIN)
- The organization's annual tax
period
- Name and address of the principal
officer
- A statement that the
organization's annual gross receipts are $25,000 or less
This
filing requirement does not apply to churches, their integrated
auxiliaries, and conventions or associations of churches.
The IRS has stated they WILL revoke the tax-exempt status of any organization that fails to meet
this annual filing requirement for three consecutive years (namely, filing Form 990-N).
Call us for more information or for
help filing Form 990-N
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