Tuesday, April 29, 2008

First wave of small nonprofits must file by May 15

We get a lot of questions about how a market becomes a nonprofit and what steps they must take to obtain this status. Below you will find information about filing your market as a nonprofit.

BLUE SPRINGS, Mo. - A recent change in federal tax law requires all organizations with 501(c)(3) status to file annual tax returns, regardless of income. In the past, only nonprofits with annual revenues more than $25,000 were required to file federal tax returns, said a University of Missouri Extension community development specialist.

The good news is that form 990-N is available online and easy to fill out, said Georgia Stuart-Simmons. To file, go to http://www.irs.gov/charities/ and click on the link "Annual Electronic Filing Requirement for Small Exempt Organizations." The form is reported to be so simple to complete that the Internal Revenue Service is calling it an "e-Postcard."

Required information includes the organization's Employer Identification Number (EIN), the tax year, the organization's legal name and address, the name and address of a principal officer, the organization's Web site address ( if there is one) and confirmation that gross receipts were less than $25,000.

The e-Postcard is due every year by the 15th day of the fifth month after the close of the organization's tax year. For organizations with a fiscal year that ended on Dec. 31, the filing deadline is May 15. So if you work for, volunteer for or serve on the board of a small nonprofit organization, ask if your organization has filed with the IRS - and do it soon.

Contact person:
Rebecca Gants
West Central Senior Information Specialist
University of Missouri Cooperative Media Group
Phone: (816) 812-2534
E-Mail: gantsr@missouri.edu

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