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Nonprofits with revenues below $25,000 must take action by May 15 to preserve tax-exempt status

May 11, 2010 By: David D. Menzies Category: Government

(Raleigh, N.C.)  The North Carolina Center for Nonprofits encourages all nonprofit organizations in North Carolina, and especially small ones with annual revenue under $25,000, to take simple, immediate steps to ensure they do not lose their tax-exempt status.

Congress passed a law that changed the rules so now all nonprofits must file a form with the Internal Revenue Service.  As a result, current government records show that many nonprofits in North Carolina could face the costly and time-consuming prospect of losing their status as tax-exempt organizations if they do not act.  For many small nonprofits with annual revenues below $25,000, that means filing an electronic version of IRS form 990-N (also known as the ePostcard) by May 15.  Larger organizations must file Form 990 or 990-EZ.

“The N.C. Center recommends that people involved in small nonprofits double check the list from a special link on our web site (www.ncnonprofits.org),” said Jane Kendall, president of the Center.  “It would be an expensive distraction for small volunteer groups to have to come up with $750, not to mention all of the time it would require, to reinstate their tax status.”

Small nonprofits (those with income under $25,000 a year) will typically have to file Form 990-N, also known as the ePostcard.  This form has eight simple questions and can be filled out in a few minutes.  To learn more, click here.

Filing form 990-N by May 15 could save nonprofits from having to pay $750 and submit an application for tax-exempt status to the IRS again.  The N.C. Center has been publicizing this change with its 1,500 Members and the state’s nonprofit sector for more than three years.  There are still many small nonprofits not affiliated with the Center that may not be aware of the new rule.

The N.C. Center for Nonprofits (www.ncnonprofits.org) serves as a statewide network for nonprofit board and staff members, an information center on effective organizational practices, and an advocate for the nonprofit sector as a whole.  Its member nonprofits serve all 100 counties of North Carolina.  As a 501(c)(3) nonprofit organization, the Center is supported by foundation grants, business contributions, dues, and individual donors.

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