2022 – 05/03 Form 990-N (e-Postcard) is supposed to be filed with the IRS by tax-exempt organizations with annual gross receipts of $50,000 or less. If a nonprofit files its 990-N improperly, the IRS may consider the organization as having not filed. And nonprofits that don’t file for three consecutive years automatically lose their exempt status. The IRS normally issues a “nonfiler notice” if a nonprofit doesn’t file for two years. But according to the IRS, not receiving a nonfiler notice doesn’t excuse a failure to file three years in a row. However, if your exempt status is revoked and you never received a notice or improperly filed your 990-N, it may help any appeal. Read more:
Similar Posts
IRS Non-Filer Sign-Up Tool
2021 – 06/29 The IRS has been clear that taxpayers who qualify for the advance child tax credit (CTC) don’t need to take action to receive the payments. However, for those who qualify but didn’t file income tax returns in 2019 and 2020, payments may be delayed. There’s a simple solution. That is, use the…
Increase in 401(k) Plan Automatic Defferrals
2020 – 12/10 The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) increased the maximum amount of an employee’s compensation, from a 10% cap to a 15% cap, which can be automatically deferred to an employer’s 401(k) plan after the employee’s first plan year. In Notice 2020-86, the IRS has provided additional guidance…
Child Tax Credit & Custody
2021 – 10/06 Taxpayers who share child custody may have questions about advance child tax credit (CTC) payments. In shared custody cases, the IRS determines which parent receives the payments based on information on the taxpayer’s 2020 tax return (or 2019 for some). The parent who claimed the CTC for 2020 (or 2019 if applicable)…
Is your wellness program built on a solid foundation?
2021 – 04/28 In a society increasingly conscious of well-being, with the costs of health care benefits remaining high, many businesses have established or are considering employee wellness programs. The Centers for Disease Control and Prevention (CDC) has defined these programs as “a health promotion activity or organization-wide policy designed to support healthy behaviors and…
Three tax breaks for small businesses
2022 – 07/25 Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to…
Teacher Supply Deduction Expanded
2021 – 01/15 A long-standing benefit for some educators gets an update. Eligible K-12 teachers and instructors are entitled to up to $250 annually in an “above-the-line deduction” for certain school-related expenses paid out of their own pockets. Thanks to the new Consolidated Appropriations Act, the list of qualified deductible items has expanded. Now included…