The Conservative Cave
Current Events => General Discussion => Topic started by: The Village Idiot on May 15, 2010, 08:25:57 PM
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http://news.yahoo.com/s/ap/20100515/ap_on_bi_ge/us_charity_deadline
It's AP. You gotta read it though. Thousands of non-profits might not even know about a new form they have to fill out or lose their tax exempt status.
The deadline is days away!!
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Some of them are legit I am sure.It is being done on purpose.0 doesn't want anyone else other than them to be "charity" I wonder if gov will go after tax-exempt MLB?
Ultimately, Zarin said the requirement would be helpful because it would eliminate defunct organizations from IRS records and provide moretransparencyfor the public.
"It will give us a much cleaner list of organizations that actually do exist," Zarin said. "More organizations will be filing, so more information will be available."
Oh oh that TRANSPARENCY thing again!
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*knock knock*
Meet Bob.
Bob runs a non-profit.
Now Bob is finding out all about Fed Revenue Enhancement.
Why is Bob Crying?
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*knock knock*
Meet Bob.
Bob runs a non-profit.
Now Bob is finding out all about Fed Revenue Enhancement.
Why is Bob Crying?
Why?
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Why?
Because Bob's income is now going to pay the IRS.
Fed Enhancement makes men cry.
lol.
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Because Bob's income is now going to pay the IRS.
Fed Enhancement makes men cry.
lol.
Us wimmins too!
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If you do not file form 990-N on time, the IRS will send you a reminder notice but you will not be assessed a penalty for late filing the e-Postcard. However, an organization that fails to file required e-Postcards (or information returns – Forms 990 or 990-EZ) for three consecutive years will automatically lose its tax-exempt status. The revocation of the organization’s tax-exempt status will not take place until the filing due date of the third year.
http://www.irs.gov/charities/article/0,,id=169250,00.html
It's not exactly a secret. Yes, it's another f'n form to fill out, but it's not a surprise.
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The Pension Protection Act, passed in 2006, requires that small nonprofits, who in the past have not needed to file the IRS 990 Form, have to file the new IRS 990-N. Nonprofits who fail to do so for three years in a row may be stripped of their tax-exempt status beginning in May 2010.
http://nonprofit.about.com/od/nonprofitfinances/f/990N.htm
The new federal Pension Protection Act of 2006 was signed into law by President Bush on August 17. The law allows individuals to transfer IRA assets directly to charity without counting the funds as income and paying income tax. Such gifts also avoid the early withdrawal penalty. Donors, who are over 70 1/2 years of age, can make a gift from an IRA up to $100,000 per year.
http://nonprofit.about.com/b/2006/08/21/new-pension-protection-act-has-bonus-for-charities-but-tougher-rules-for-some-contributions.htm
You are allowed to amend tax returns for up to three years. If you neglected to submit a 990N/990EZ, you do have the option to submit an amended return to the IRS that includes the correct forms.
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It's not exactly a secret. Yes, it's another f'n form to fill out, but it's not a surprise.
Couldn't we just overreact instead
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As the financial manager for the local VFW, I've been dealing with the past screw ups for over a year. In the last year, we got 2007 & 2008 990s filed and the 2009 should be ready any day now. (I think it's late as of May 16th) At least they're getting done.