New IRS rulling for WCR

A NEW FILING REQUIREMENT FOR SMALL NONPROFITS STARTS IN 2008. GROUPS WITH REVENUE OF $25,000 OR LESS WILL HAVE TO
E-MAIL IRS EACH YEAR WITH BASIC INFORMATION: NAMES, ADDRESSES, TAX ID NUMBERS AND TOP OFFICERS. IRS IS DEVELOPING A NEW ELECTRONIC NOTICE, FORM 990-N, FOR THIS PURPOSE. IT WON'T ACCEPT PAPER SUBMISSIONS. THE FIRST FILINGS WILL BE DUE MAY 15, 2008 FOR CALENDAR YEAR ORGANIZATIONS. FAILURE TO FILE FOR THREE YEARS IN A ROW WILL AUTOMATICALLY COST GROUPS THEIR EXEMPTIONS.

Virginia Tatseos