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Tuesday, May 11, 2010

Many Tax Exempt Organizations Must File 990 Series Returns by May 17 to Preserve Tax-Exempt Status

A crucial filing deadline of May 17 is looming for many tax-exempt organizations that are required by law to file their Form 990 series return or risk having their federal tax-exempt status revoked. Any organization that fails to file for three consecutive years automatically loses its federal tax-exempt status.
Organizations should note that, absent a request for an extension, there is no grace period from filing by the original due date. Organizations may request an extension of their filing date by filing Form 8868 by the original due date.
For more information on what form or notice an organization must file to avoid automatic revocation, go to IRS.gov.

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