[Dailydrool] RESCUE GROUPS: VERY IMPORTANT nonprofit information

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Thousands of nonprofits may lose tax-exempt status


 
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By MOLLY HOTTLE, Associated Press Writer Molly Hottle, Associated Press
Writer - Sat May 15, 2:13 pm ET

DES MOINES, Iowa - More than 200,000 small nonprofits across the nation are
days away from losing their tax-exempt status because they haven't filed a
new form with the Internal Revenue Service.

Many of these groups already operate on razor-thin budgets and some worry an
unexpected tax bill could force organizations to close.

"The nonprofits in your backyards, some of them are going to be gone," said
Suzanne Coffman, a spokeswoman for GuideStar, which tracks data on
nonprofits.

It's most likely the nonprofits aren't aware of the Monday deadline that
only applies to groups that report $25,000 or less in income, excluding
churches. Those organizations may not find out until Jan. 1, 2011, when
they're notified they have to pay taxes on donations they thought were
exempt. And it could be months before their nonprofit status is restored.

Congress required the form, called a 990-N, when it amended the tax code
three years ago and groups with a fiscal year ending Dec. 31 had until
Monday to meet the deadline.

 

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