Thursday, July 14, 2011

IF YOU ARE INVOLVED WITH A NONPROFIT - CHECK THIS OUT

The Internal Revenue Service said in mid-June that approximately 275,000 organizations have automatically lost their tax-exempt status under the law because they did not file legally required annual reports for three consecutive years.

You might want to check with the leadership of the nonprofit that you are involved with to make sure that the necessary forms were filed. With volunteer organizations, many times these requirements are overlooked.