Monday, July 26, 2010

Nonprofit alert: IRS grants reprieve

Posted By on Mon, Jul 26, 2010 at 11:52 AM

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The Internal Revenue Service has extended the deadline for nonprofits to file tax returns from 2007, 2008 and 2009 until Oct. 15, 2010, under a one-time exception program.

Nonprofits who failed to file during those years stand to lose their tax-exempt status.

The Denver IRS office says Colorado has 5,523 entities on the list that are subject to losing their tax exemption.

“We are doing everything we can to help organizations comply with the law and keep their valuable tax exemption,” IRS Commissioner Doug Shulman said in a release. “So if you do not have your filings up to date, now’s the time to take action and get back on track.”

The relief is not available to larger organizations required to file the Form 990 or to private foundations that file the Form 990-PF.

Organizations that have not filed the required information returns by Oct. 15 will have their tax-exempt status revoked, and the IRS will publish a list of these revoked organizations in early 2011. Donors who contribute to at-risk organizations are protected until the final revocation list is published.

Go here for information, including lists by state of organizations in jeopardy.

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