Nonprofits! Don’t Lose Your Tax-Exempt Status
According to United Way of Central New Mexico, Congress passed a law that requires all nonprofits to file a form with the IRS. And 2,290 New Mexico nonprofits haven’t done it yet. The deadline is Friday, May 15.
Nonprofits that take in more than $25,000 a year have to file a 990 or 990-EZ. Those that take in less than that can file an electronic version of 990-N.
Find out if your organization needs to file its annual return at the National Center for Charitable Statistics site.
Amy Duggan, director of the Center for Nonprofit Excellence, says groups would have to come up with $750 to reinstate their tax status if they miss the deadline.
So pass it on.