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ON MAY 15th, an estimated 400,000 nonprofit organizations could lose their tax exempt status due to a provision in the Pension Protection Act of 2006. Previously, only organizations with revenues of $25,000 or more were required to file; however, the new provision required that all nonprofits begin filing tax forms, regardless of revenue. It's expected that one-fifth to one-quarter of nonprofits will be impacted, though experts say many of those organizations are now inactive and simply did not notify the IRS upon the organization's closing.
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