Dozens Of Non-Profit Organizations In Lakewood At Risk Of Losing Tax Exempt Status
An accountant specializing in tax filings for non profit organizations has contacted TLS today informing us that dozens of non for profit organizations in Lakewood stand to lose their tax exempt status. According to the IRS, these organizations – who have not filed any 990 forms in three consecutive years – will have their tax exempt status revoked if they do not file a form 990N or 990EZ by 10/15/10. If their exempt status is revoked, these organizations can no longer allow donors a charitable deduction for their donations, and the organizations will have to pay income tax on any earned income.
Any CPA can assist these organizations.
Once revoked, the organizations will have to re-apply for the tax exemption status, which is considerably harder than filing the returns.
If you believe your organization may be on the list of the IRS – which was submitted to TLS - feel free to contact us to verify it.
There are 6 Comments to "Dozens Of Non-Profit Organizations In Lakewood At Risk Of Losing Tax Exempt Status"
They should get moving before its to late!
do congregations file this (501c3) my undestanding is they dont CAN SOMEONE CLARIFY thanx for posting also where can you check to see if your on that list
Congregations if they were set up properly do not have to file
(set up properly has nothing to do with the state incorp, rather the classification when filing the federal 1023, the determination letter would have come back saying “no 990 required”)
Shuls are not supposed to have to file a 990, however if the application for exemption (form 1023) was not completed correctly the IRS may have incorrect information on file, and the exempt status may still be lost. If you are concerned, please either contact the Lakewood scoop or go to the IRS website.
Correction: Congregations don’t need to file 1023 at all. They are tax exempt if they filed with the state correctly.
I guess freedom of expression not allowed here as I just was not understanding why as stated in the article proper paper work was not filed?