The IRS has recently released IR-2010-10 reminding all tax-exempt organizations to file Form 990. An organization risks having its tax-exempt status automatically revoked if they have not filed the required information forms for the last three years. For most tax-exempt organizations, the forms are 990 or 990-PF. For organizations with a calendar year end, the next required filing due date is May 15, 2010.
If exempt status is lost, an organization must re-apply to the IRS to regain its tax-exempt status and may be responsible for taxes on any income received between the date of the revocation and the date of the renewed exemption.
The preparation of Form 990 can be complex. If you would like assistance preparing mandatory filing forms for your exempt-organization, please call our offices at (215) 665-3960 and ask to speak with one of our shareholders or email us at info@taxwarriors.com.