Copied and pasted from today's NATP Taxpro weekly. Any of you involved in this and if so are you volunteering your services? Isnt it it the duty of their preparer to inform the non profit of this? Its looking to me most of those non profits on the list are NO longer operating.
Your Community Needs You!
According to the IRS, hundreds of thousands of non-profit organizations have failed to file their required returns, and are in grave danger of losing their exempt status. NATP urges members to download the IRS at-risk list for their state and search for organizations in their local communities that are at-risk of losing tax-exempt status on October 15, 2010. For example, the list for Wisconsin includes over 6,000 organizations. The Illinois list includes almost 15,000, and the California list includes over 35,000. The full list for each state is available on the IRS website.
As a public service, contact your local organizations to make them aware of the special IRS relief program which may preserve the organization’s exempt status. Failure to act now may result in the loss of exempt status on October 15, 2010. If an organization loses its exempt status, donor contributions are no longer tax deductible, and the organization may be required to file Form 1120 or Form 1041, and pay income tax.
Let’s do our part to help make sure the not-for-profit organizations in our communities do not lose their exempt status. Many of these organizations, with their operations dependent on volunteers, may not be aware of these filing requirements, or the dire consequences of failure to meet them.
Learn more about the special relief program, and what you can do to help, by listening to the NATP’s podcast on form 990-N Relief. The podcast is available on NATP’s home page at www.natptax.com in the "Highlights" section.
Your Community Needs You!
According to the IRS, hundreds of thousands of non-profit organizations have failed to file their required returns, and are in grave danger of losing their exempt status. NATP urges members to download the IRS at-risk list for their state and search for organizations in their local communities that are at-risk of losing tax-exempt status on October 15, 2010. For example, the list for Wisconsin includes over 6,000 organizations. The Illinois list includes almost 15,000, and the California list includes over 35,000. The full list for each state is available on the IRS website.
As a public service, contact your local organizations to make them aware of the special IRS relief program which may preserve the organization’s exempt status. Failure to act now may result in the loss of exempt status on October 15, 2010. If an organization loses its exempt status, donor contributions are no longer tax deductible, and the organization may be required to file Form 1120 or Form 1041, and pay income tax.
Let’s do our part to help make sure the not-for-profit organizations in our communities do not lose their exempt status. Many of these organizations, with their operations dependent on volunteers, may not be aware of these filing requirements, or the dire consequences of failure to meet them.
Learn more about the special relief program, and what you can do to help, by listening to the NATP’s podcast on form 990-N Relief. The podcast is available on NATP’s home page at www.natptax.com in the "Highlights" section.
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