In our two previous posts we have discussed several filing requirements for tax exempt organizations. Here are several filings due this Spring...
May 15, 2008: Tax-exempt organizations (ministries as opposed to churches) must file an annual information return. Original due date for 990 and 990-EZ for tax years ending on 12/31/07 is May 15th . (Form 990 and 990-EZ Return of Organization Exempt From Income Tax and Short Form Return of Organization Exempt From Income Tax, respectively) are due for a number of tax-exempt organizations, however do not apply to churches, their integrated auxiliaries, and conventions or associations of churches.
Gross receipts and total assets determine which report is filed.
Also, new for 2008, tax-exempt organizations (excluding churches) that have annual gross receipts less than $25,000 but may be required to file the annual electronic notice (e-Postcard) Form 990-N, see our recent blog posts addressing this new form. (PS - The IRS is still developing an electronic filing system for the 990-N “e-postcard”, and will publicize the filing procedures when the system is completed and ready for use. The Pension Protection Act requires the IRS to revoke the tax-exempt status of any organizations that fails to meet its filing requirement for three consecutive years).
This is also the payment deadline for any 990-T (taxes which are due for calendar year 2007). An automatic extension of three months is available for those who cannot gather their information in time to file by May 15th (automatic 6-month filing extension for 990-T). Please file your extension, or request that your CPA do so. Late filing penalties will begin to accrue if you snooze!
If you have any questions, contact us.
Posted by Laurie Gnad
