Dear Watson & West Clients,
Watson & West, PLLC is writing to inform our Members of the new IRS reporting requirements applicable to small to mid-sized charitable organizations, in order to help maintain your organization's tax-exemption in 2008, and beyond!
Beginning in 2008, IRS requires tax-exempt organizations with gross receipts of $25,000 or less to submit a new electronic filing notice, "Form 990-N", Electronic Notice (e-Postcard) for Tax-Exempt organizations. Previously organizations with gross receipts less than $25,000 were not required to file Form 990 or 990-EZ.
Please note all organizations, whether large or small, that fail to meet their annual filing requirement for three (3) consecutive years will automatically lose their tax-exempt status, and will be required to reapply for recognition of tax-exemption.
The good news; the e-Postcard simply requires current name, address, and principal officer information; and, a brief statement confirming annual receipts are usually $25,000 or less, which all may be completed electronically.
For further information regarding your reporting requirements please visit:
Resources for Tax-Exempt Organizations:
IRS.GOV
NYS Attorney General's Charities Bureau General Information:
NYS Charities Bureau
added 1/29/08
