As reported, dozens of non for profit organizations in Lakewood stand to lose their tax exempt status. and that deadline is in just two days. 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.
TLS editors, I’ve found a misprint on the first line: “As reported, dozens of non for profit organizations in Lakewood ”
That “for” should either not be there, or the word before it should be ‘not’.