The IRS recently released an updated List of Organizations that are not compliant with filing an Annual Return of Exempt Organizations with the Internal Revenue Service. Pursuant to IRS requirements listed in the Pension Protection Act of 2006, 501c organizations are required to file an Annual Return of Exempt Organizations, referred to as Form 990, by the 15th of the 5th month after the closing of the fiscal year. The failure to submit this form for three consecutive years has resulted in the revocation of these organizations 501c status. The list notes the following amount of organizations in New England that were affected:
Massachusetts – 8,400
Maine – 1,500
Rhode Island – 1,150
New Hampshire – 1,600
Vermont – 1,040
Connecticut – 4,920
So here are two questions to ask -
- Has this organization filed its 990′s for the past three years?
If No or don’t know, call Schooner Group.
- Is this organization on the Revoked List?
If Yes or don’t know, call Schooner Group.
If you are involved with any Non-Profit organizations,regardless of the state, now would be a good time to ensure that their tax exempt status is in force. Please feel free to contact Schooner Group at 978 594-5079 to see if a Non-Profit you know of is on the current list. We have assisted several Non-Profits complete and submit the Form 1023/1024 and develop processes to file Forms 990N and Form 990 to comply with this annual IRS requirement.
