Friday, April 20, 2012

IRS Form 990 Due By May 15

Is your Chapter or State organization due to submit a 990 soon?

The IRS requires all nonprofits to file 990 tax forms, and most HLAA Chapters and State organizations must file by May 15. (Some are required to file by October 15.) This regulation mostly impacts small nonprofits with budgets under $25,000 — they now must file a 990 form — previously they were not required to do so.

2007 federal legislation required most tax exempt organizations with annual revenues under $25,000 to begin filing a brief form of the IRS 990 annual return - known as the 990N or the "e-postcard'. Previously these groups had been exempted from annual filing requirements.

Compliance is relatively easy - the filing is done electronically and links to more information, an explanation of the requirement, the form itself, and frequently asked questions, are on the IRS website (

The information required is limited to eight items:
1. Employer identification number (EIN), also known as a Taxpayer
Identification Number (TIN).
2. Tax year
3. Legal name and mailing address
4. Any other names the organization uses
5. Name and address of a principal officer
6. Web site address if the organization has one
7. Confirmation that the organization's annual gross receipts are normally $25,000 or less
8. If applicable, a statement that the organization has terminated or is terminating (going out of business)

In 2011, the IRS revoked the tax exempt status of 15 HLAA Chapters for failing to file the form  three years in a row. These revoked chapters must submit a lengthy form and pay a fine in order to regain their tax exemption.

Please file your organization's form now while you are thinking about it.

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