Annual Tax-Exempt Filing Due May 15th
Too many small tax-exempt organizations are having their charitable tax status revoked simply because they failed to file their annual form with the IRS. Don’t let this happen to you or your favorite charity.
If you are involved in a tax-exempt organization or know someone who is, this is a reminder that the annual filing requirement is quickly approaching.
The rule: Every tax-exempt organization must file an annual return (990 series) on the 15th day of the fifth month following their year end. That means calendar based charitable groups have until May 15th to file.
The penalty: If the organization does not file their annual return for three consecutive years, they automatically have their tax-exempt status revoked.
Who should worry: Any tax exempt organization except churches and church related organizations. So soccer booster clubs, PTAs, youth sports organizations, community organizations and more need to do this every year.
The small organizations: If your average annual receipts are $50,000 or less, you can simply file Form 990-N (e-postcard).
Privacy: Remember not to include your Social Security number with any filings. Often these tax Forms are in public domain. So any private information is available for identity thieves.
What’s Your Status? The IRS offers an online tool to check the status of your organization. Here is the link. A quick check of organizations you are members of can lead to a quick phone call to ensure they get their filings done.
Please feel free to call for help.