July 16, 2007
A note from Big Brother
By Cory Hopkins
The U.S. Internal Revenue Service said today it's mailing educational letters to tax-exempt organizations informing them of new filing regulations.
The IRS will send the leaflet to more than 14,600 Massachusetts groups, and more than 650,000 nationwide. The intent of is to notify tax-exempt organizations that a new form, form 990-N, or an "e-Postcard," will be required beginning in calendar year 2008.
Before the new regulations, tax-exempt organizations with gross receipts of $25,000 or less were not required to submit information returns.
The new form will require them to disclose a legal name and mailing address, any other names used by the company, a web address if applicable, name and address of a principal officer and a statement confirming the organization's annual gross receipts are $25,000 or less.
Any organization that fails to meet its reporting requirement for three consecutive years automatically loses its tax-exempt status under the new law.
The IRS will send the leaflet to more than 14,600 Massachusetts groups, and more than 650,000 nationwide. The intent of is to notify tax-exempt organizations that a new form, form 990-N, or an "e-Postcard," will be required beginning in calendar year 2008.
Before the new regulations, tax-exempt organizations with gross receipts of $25,000 or less were not required to submit information returns.
The new form will require them to disclose a legal name and mailing address, any other names used by the company, a web address if applicable, name and address of a principal officer and a statement confirming the organization's annual gross receipts are $25,000 or less.
Any organization that fails to meet its reporting requirement for three consecutive years automatically loses its tax-exempt status under the new law.
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