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IRS Announces Deadline for Tax Exemption Revocations

Internal Revenue Service (IRS)The IRS has finally announced its decision regarding the extension it promised to small charities facing the loss of tax exemption due to not filing Form 990N.  Now, small nonprofits have until October 15, 2010 to file Form 990N and preserve their status.  The IRS is calling this a one-time offer, so organizations that miss the new, extended deadline will be out of luck.  The IRS plans to announce the list of organizations removed from Publication 78 (the definitive list of recognized, tax-exempt organizations) sometime in early 2011.  Donors giving to such organizations will be sheltered until the list is published.

For those organizations under the same threat, but needing to file Form 990EZ, they will also get an extension to October 15, but will face a financial penalty.

Greg McRay, EA

Greg McRay, EA

Greg McRay is the founder and CEO of The Foundation Group. He is registered with the IRS as an Enrolled Agent and specializes in 501(c)(3) and other tax exemption issues.

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