Many small nonprofits across the country have missed an important deadline that is critical to retaining their tax-exempt status.
Generally, small tax-exempt organizations whose annual gross receipts are normally $25,000 or less are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ. The Internal Revenue Services (IRS) is reporting that many of these nonprofits missed the May 17, 2010, filing deadline.
IRS Commissioner Doug Shulman issued a statement on the matter, saying "The IRS will be providing additional guidance in the near future on how it will help these organizations maintain their important tax-exempt status — even if they missed the May 17 deadline."
Read the full statement and learn more about this issue at http://www.vscpa.com/.