One-Fourth of Nonprofits Are to Lose Tax Breaks

New York Times:  “At midnight on May 15, an estimated one-fifth to one-quarter of some 1.6 million charities . . . will lose their tax exemptions . . . . federal legislation passed in 2006 required all nonprofits to file tax forms the following year.  Previously, only organizations with revenues of $25,000 or more . . . had to file.”

See IR-2010-10, The IRS Reminds Tax-Exempt Organizations of All Sizes to File the Form 990 on Time to Preserve Their Tax Exempt Status, IRS, Annual Electronic Filing Requirement for Small Exempt Organizations — Form 990-N (e-Postcard) and a story in the Chronicle of PhilanthropyUp to 25% of Nonprofit Groups Could Soon Lose Charity Status.”

2017-06-02T21:13:04+00:00

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