501C Non-Profit Organization State Of Florida Customer Service Phone Number Non Profits – Have You Lost Your Tax Exempt Status?

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Non Profits – Have You Lost Your Tax Exempt Status?

The tax exempt designation (501(C) 3) for non profits is really important as it allows these organizations to operate without paying income tax, obtain tax exempt contributions from individuals as well as corporations, and qualify for some government grants. As you can imagine such organizations have to keep up with some rules in order to maintain their tax exempt status. The annual filing of information returns is one of those rules.

In the past small non profits (those with gross receipts of not more than $50,000) were not required to file an annual return with the IRS. In 2007 the rule was changed and all non profits are now required to file an annual information return with the IRS. Large not-for-profits (those with gross receipts over $50,000) are required to file form 990 or form 990-EZ. Smaller not-for-profits are required to file an e-postcard, 990-N. If a non profit organization fails to file for 3 consecutive years, it will automatically loose its non profit status. As a result of this rule instituted in 2007, the IRS recently relieved 275 organizations of their non profit status.

If your organization is still operating, but has lost its tax exempt status because it failed to file required returns, there is some good news; the IRS has allowed a window of opportunity for such organizations to have their tax exempt status reinstated. In order to have your tax exempt status reinstated, you must do the following:

1. Apply to be reinstated by December 31, 2012.

2. Include a statement demonstrating reasonable cause for failing to file for the past 3 years.

3. Include a written statement explaining what procedures your non profit organization has instituted to ensure it will make the required filings in the future.

4. Include evidence to support the above statements

5. File all required returns up to date.

6. Pay a user fee ($400 for organizations with annual gross receipts of no more than $10,000 and $850 for those with gross receipts in excess of $10,000)

The IRS has made an important concession for smaller non profit organizations (those with gross receipts not more than $50,000) and will accept a user fee of $100 instead of the usual amount.

Non profits are important to the communities they serve, providing services that are not otherwise available, and sometimes employing many people. In order to continue the work they do it is important that they be aware of the rules that govern non profit organizations. Following are other rules that non profits must abide by in order to maintain their tax exempt status:

1. Refrain from participating in political campaigns of candidates for any office: local. state. or federal.

2. Ensure that its assets and revenues do not unjustly benefit insiders such as board members and officers.

3. Ensure that the organization is not used to further non exempt purposes.

4. Ensure that a substantial part of your organization’s time and resources are not spent in attempting to influence legislation.

Find out if your tax exempt status has been revoked. http://www.irs.gov/charities/article/0,,id=240099,00.html

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