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Important Tax Law Reminders for Nonprofits

Oregon nonprofits on the free TACS mailing list may already know this, but if not, here?s a reminder from the IRS about tax exempt organizations:

Excerpt: ??The Internal Revenue Service today reminded tax-exempt organizations to make sure they file their annual information form on time. In 2010 the tax-exempt status of any non-profit that has not filed the required form in the last three years will be revoked.

The Pension Protection Act of 2006 requires that non-profit organizations that do not file a required information form for three consecutive years automatically lose their Federal tax-exempt status. This requirement has been in effect since the beginning of 2007.

A list of revoked organizations will be available to the public, as well as state charity and tax officials on this website.

If an organization loses its exemption, it will have to reapply with the IRS to regain its tax-exempt status. Any income received between the revocation date and renewed exemption may be taxable...." (Link to full notice.)

Additional information about Oregon nonprofits at TACS.

Full post as published by Oregon Legal Research on May 05, 2010 (boomark / email).