Sunday, September 9, 2007

Nonprofit Law Podcast #13: The new IRS return for small nonprofits

The new IRS return for small nonprofits

Download: Nonprofit Law Podcast #13 (mp3, 5:59)

Shownotes

Intro

Tim Mooney… Welcome to the Nonprofit Law Podcast
Your guide to the laws impacting nonprofits.
Shownotes…. nplawcast.com
Email the show

What are the changes coming for small nonprofits?
- Form 990N... the "e-postcard"
- Previously, tax-exempt organizations with gross receipts of $25,000 or less were not required to submit information returns. Beginning next year, they will file the Form 990N.
- Short, easy and electronic
- Provide a legal name and mailing address, any other names used, a Web address if one exists, the name and address of a principal officer and a statement confirming the organization’s annual gross receipts are normally $25,000 or less.

Tips & Best practices

- Continue to track those finances!
- Be aware there will be slightly more paperwork to file (versus none!)
- Remember... organizations shouldn’t ignore filing the 990N, or they risk losing their tax-exempt status
- Info on the reporting system is forthcoming... we'll be on top of it here at the Nonprofit Law Podcast
- Make sure the gross receipts are not exceeding $25,000... if so, you've graduated to 990EZ or 990!

Resources

Educational letter from IRS (pdf)
IRS Press Release

Closing

Email me with questions and suggested topics
AP audio & handbook on using the Internet, podcasting and social networking for your nonprofit coming later this summer
Need more than a podcast? Tim-Mooney.com
nplawcast.com

This podcast provides general information about legal topics but it is not a complete discussion of all legal issues that arise in relation to nonprofits nor is it a substitute for legal advice. This podcast does not create an attorney-client relationship. This is general legal information and the contributors make no warranties regarding the general legal information provided in this podcast , and disclaim liability for damages resulting from its use to the fullest extent permitted by the applicable law.

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