You've Automatically Lost 501(c)(3) Tax-Exempt Status - Now What? - Nonprofit + Social Enterprise Lawyer | Austin Texas | Cullinane Law Group: "Pension Protection Act, required all organizations to file returns, but because it was embedded in 393 pages of a law that otherwise dealt with pension issues, many nonprofit groups did not know that.
Nonprofits that didn’t comply risked losing their 501(c)(3) status, which allows donors to deduct their donations on their income tax returns. The status also plays a role in some grants and state tax breaks.
It is expected that many of the entities whose tax-exempt status were revoked no longer actually exist. They may have merged with another entity and failed to legally dissolve and/or notify the IRS of their discontinuation. But many are small to mid-size organizations who failed to comply with IRS requirements."
'via Blog this'
No comments:
Post a Comment