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Old 10-28-2009, 12:18 PM
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Non profit prior years

A bunch of guys got together raised a ton of money and donated it to a local community domestic violence program. This thing has started to become bigger than anyone imagined. Money has been raised and donated for three years. A federal EIN number has been attained but that is all. Basically this organization has been running a non profit without ever filing for the 501c3 status. We are looking into filing for the exempt status currently. What is to be done with the previous years in regards to tax filings?

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Old 10-29-2009, 12:03 AM
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The IRS tax codes states that "Every organization exempt from federal income tax under section 501(a) must file an annual information return, however, there are many exceptions and one of them states that, " an exempt organization having gross receipts in each tax year that are not more than $25,000 is specifically excluded from filing an annual information return."

Thus, if your organization has had annual gross receipts in excess of $25,000 then your Non-Profit Organization would be required to file an annual information tax return. There generally should be no problems with the IRS if you file prior year tax returns once you discover the fact that you met the requirements to file an annual information tax return.

But, if your "exempt organization's" gross receipts are normally $25,000 or less are required to file an electronic Form 990-N with the IRS annually. The form will require the following information:

1. The organization’s legal name.
2. Any name under which it operates and does business.
3. Its mailing address and internet website address, if any.
4. Its taxpayer identification number.
5. The name and address of a principal officer.
6. Organization’s annual tax period.
7. Verification that the organization’s annual gross receipts are still normally $25,000 or less.
8. Notification if the organization has terminated.

Form 990-N is due by the 15th day of the fifth month after the close of the tax year.

Clearly, the Non-Profit Tax returns should be prepared by a CPA who is experienced in the filing of Non-Profit Tax Returns.

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Last edited by TaxGuru : 10-29-2009 at 12:12 AM.

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