Nonprofits could lose tax-exempt status... Monday

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Nonprofits could lose tax-exempt status... Monday

Postby Cheryl Jones » May 16, 2010 12:09 am

Has your grottos/NSS Section/conservancy filed the paperwork? :panic:

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Thousands of nonprofits may lose tax-exempt status
By MOLLY HOTTLE
Associated Press Writer
Sat May 15, 2:13 pm ET

DES MOINES, Iowa – More than 200,000 small nonprofits across the nation are days away from losing their tax-exempt status because they haven't filed a new form with the Internal Revenue Service.

Many of these groups already operate on razor-thin budgets and some worry an unexpected tax bill could force organizations to close.

"The nonprofits in your backyards, some of them are going to be gone," said Suzanne Coffman, a spokeswoman for GuideStar, which tracks data on nonprofits.

It's most likely the nonprofits aren't aware of the Monday deadline that only applies to groups that report $25,000 or less in income, excluding churches. Those organizations may not find out until Jan. 1, 2011, when they're notified they have to pay taxes on donations they thought were exempt. And it could be months before their nonprofit status is restored.

Read on:
http://news.yahoo.com/s/ap/20100515/ap_ ... NhbmRzb2Zu
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Re: Nonprofits could lose tax-exempt status... Monday

Postby onebat » May 16, 2010 9:40 am

I'm confused. As a small grotto that only get their monies from grotto dues, or the sale of T-shirts, does this apply to us?
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Re: Nonprofits could lose tax-exempt status... Monday

Postby Cheryl Jones » May 16, 2010 12:57 pm

If the grotto is a 501(c)(3) non-profit organization, apparently so.
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