Nonprofit Entities
990-N Deadline Approaching
As of tax year 2007, small nonprofits with gross revenues less than $25,000 are required to file Form 990-N with the IRS. The IRS intends to use the 990-N to keep track of active tax-exempt organizations. The form itself is short and must be filed by the 15th day of the 5th month after the close of the tax year. For most, this will fall on May 15th. If an organization fails to file the 990-N for three sequential years, they will lose their tax-exempt status.
For more information, visit the IRS here.
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Mike Harmon