Form 990 Filing Alert - May 15th Deadline
ALL tax-exempt organizations, with few exceptions, must file a yearly return or notice with the IRS. If an organization does not file as required for three consecutive years, the law provides that it automatically loses its tax-exempt status. Loss of exempt status means an organization must file income tax returns and pay income tax, and its contributors will not be able to deduct their donations. To regain the tax-exempt status they must reapply. May 15th is the filing deadline for calendar-year tax-exempt organizations. Go to www.irs.gov <http://www.irs.gov/> , click on Charities and read the lead article "Automatic Revocation" for complete details and information on requesting an extension of time to file. What must be filed this year depends on the organization's financial activity: Financial activity Filing requirement Gross receipts normally ≤ $25,000 Note: Organizations eligible to file the e-Postcard may choose to file a full return <http://www.irs.gov/charities/article/0,,id=177800,00.html> . 990-N <http://www.irs.gov/charities/article/0,,id=169250,00.html> (e-Postcard) Gross receipts < $ 500,000 and Total assets < $1.25 million 990-EZ <http://www.irs.gov/pub/irs-pdf/f990ez.pdf> or 990 <http://www.irs.gov/pub/irs-pdf/f990.pdf> Gross receipts ≥ $500,000, or Total assets ≥ $1.25 million 990 <http://www.irs.gov/pub/irs-pdf/f990.pdf> We were alerted by one of the other systems that non-profits that are NOT filing an annual Form 990 with the IRS are in danger of losing their tax exempt status. If an extension is needed for your library or Friends group, please follow the instructions above. Thanks. Laurie Laurie Mahaffey, Deputy Director Central Texas Library System, Inc. 1005 West 41st Street Austin, Texas 78756 www.ctls.net [email protected] 512-583-0704 x18 800-262-4431 x18
