By Paul Croteau in the Keene Sentinel [New Hampshire]
If you are a member of any nonprofit organization, such as the American Legion, Veterans of Foreign Wars, or the auxiliaries of such organizations, be aware that the IRS has changed its rules about filing its Form 990.
IRS Form 990 is titled “Return of Organization Exempt From Income Tax.” It is submitted by tax-exempt organizations and nonprofit organizations to provide the Internal Revenue Service with annual financial information. The requirement now includes those small groups with gross receipts of $25,000 or less.
There is no payment of taxes involved. The IRS just wants to know how your organization makes and spends its money.
I can say from experience that the IRS gets VERY serious about this and they do play hardball. You should confirm with your post, auxiliary or nonprofit officers that this form has been completed and turned in. If it has not, I’m told that the IRS has set a deadline of Oct. 15 to submit them. Failure to do so can result in severe penalties and could mean the revocation of your organization’s tax-exempt status — which I am also told, is very difficult to get back once lost.
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