Tip of the Week: Don?t ignore your IRS and state tax filing requirements

Bruce Hopkins and Virginia C. Gross contributed Chapter 11 of Nonprofit Management 101, ?Nonprofit Law.? In it, they say, ?Of utmost importance to tax-exempt organizations is an understanding of what it takes to maintain exempt status.? They go on to provide a great framework and a list of specific tips for nonprofits, and we wanted to share this particular one:

Don?t ignore your IRS and state tax filing requirements! We put it in bold because that is how important it is. Why risk losing your tax-exempt status and not being able to continue your important work when filing your taxes is so easy?!

For organizations making less than $50,000 in the tax year ending on 12/31/10 or later, filing your 990 is as simple as gathering this information: your Employer or Tax Identification number (EIN/TIN), tax year, organization?s legal name and mailing address, contact info of a principal officer (ED, Board Chair), website address (if applicable), and confirmation that gross receipts are less than $50,000. If your organization makes over $50,000, you can still fill out a 990-EZ, and there are many resources online to help ease the process.

And don?t forget about state specific filing requirements! Check with your particular State?s Secretary of State for filing specifics.