Saturday, May 15, 2010

$25,000 per year nonprofits may lose tax exempt status this year

Thousands of nonprofits may lose tax-exempt status

To read news article click on "Thousands of nonprofits" above.

It appears that there is a Federal tax form due this Monday which I believe is May 17th 2010 that  needs to be turned in if your nonprofit takes in under $25,000 per year. If this form isn't turned in by Monday then any donations might be taxed by the Federal Government. This does not include any churches because they are subject to slightly different laws.

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