The IRS has been ramping up its campaign advising that charitable organizations of all sizes are now required to file annual information returns. The annual gross receipts of the charitable organization determines the kind of return to be filed. This has become a confusing issue for many smaller charities which have inconsistent receipts – some…
Charitable organizations with annual gross receipts of $25,000 or less have just a few more days to get compliant under an important deadline extension from IRS. In July 2010, the IRS issued a statement (you can read the statement online here.) So really, what all of this means is this: The new deadline for filing…
It’s an important election year. I’m sure you’ve heard that about a million times. That, of course, leads to discussions about the importance of the political process, getting out the vote and – oh yeah – mudslinging. I’ve already seen ads on both sides that make me queasy. I’m not sure what either party hopes…
Smaller charities, meaning those that have annual gross receipts of less than $25,000, may be at risk this year of losing their tax-exempt status. Under a 2006 law, those charities were required to file a form 990-N (sometimes called an e-postcard) with IRS each year. Failing to file for three years in a row results…
Taxpayer asks: What is it that you need to show you gave things to Goodwill or your school other than a statement from them to that effect? My lady said something I do not understand. Is there some special form they have to fill out or what? Thanks. Oh yea I saw you on AOL….
IRS Commissioner Doug Shulman has issued the following statement about charities who have not yet filed their forms 990-N: Now that the May 17 filing deadline has passed, it appears that many small tax-exempt organizations have not filed the required information return in time. These organizations are vital to communities across the United States, and…
I’m sure that the IRS expected their charitable organizations section of the web site to be popular on yesterday but probably not as popular as it was. With an important deadline looming, charitable organizations found wait times to be excruciatingly slow and subject to time outs as they attempted to file the form 990-N (otherwise…
Years ago, small tax exempt organizations had it easy. So long as they raised less than $25,000 in a calendar year, they general didn’t have to file an informational return with IRS. Easy. That all changed in 2006. The Pension Protection Act of 2006 made it mandatory for most tax-exempt organizations to file an annual…
In the tradition of tax years past, it’s the season to talk about charitable contributions! Charitable donations are an excellent way to reduce your tax burden for the year, all while doing something for the greater good. But as with everything in tax law, there are rules that need to be followed. For one, you…
Taxpayer asks: I have a difficult situation. I won a lot of money in my church’s 50/50. I know I have to report it as income but when I asked for written information from my church, they asked me not to report it. They say they aren’t legally allowed to run a 50/50 and if…