As we approach the end of 2010 and the end of the ‘Bush Tax Cuts’ there are many tax uncertainties facing individuals and businesses alike. Hopefully Congress and the President can complete a tax package sooner than later.
There is, however, a deadline that is definitely sooner than later. All small tax-exempt organizations that have not properly filed tax forms in 2007, 2008, and 2009 are at risk of losing their tax exempt status unless they file by October 15, 2010. There are hundreds of thousands of these organizations throughout the country, and hundreds in Colorado. There is a list of the organizations on the IRS home page at www.irs.gov .
The IRS has tried to get the word out on this issue. The Service has an informative article on its web page and it has released a YouTube video. IRS Commissioner Doug Shuman stated, “We are doing everything we can to help organizations comply with the law and keep their valuable tax exemptions.” The smallest charities only need to file a 990-N online. Larger charities need more extensive filings. The forms are on the IRS web page. Failure to file will result in the tax exempt status being lost. A list of organizations that lose their exemptions will be posted by the IRS.